Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price fell 9.6% during trading on Thursday . The stock traded as low as $54.85 and last traded at $55.11. 6,313,848 shares traded hands during trading, a decline of 53% from the average session volume of 13,357,621 shares. The stock had previously closed at $60.96.
Analyst Ratings Changes
Several equities analysts recently weighed in on MRVL shares. Benchmark reissued a "buy" rating and set a $135.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Citigroup cut their target price on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Bank of America lowered their target price on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Finally, TD Cowen lowered their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $119.48.
Read Our Latest Research Report on MRVL
Marvell Technology Stock Up 1.0 %
The company has a market capitalization of $46.24 billion, a price-to-earnings ratio of -31.41, a P/E/G ratio of 1.61 and a beta of 1.78. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm's fifty day moving average price is $79.86 and its 200-day moving average price is $92.18.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.45%. Marvell Technology's payout ratio is presently -23.53%.
Insider Activity
In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company's stock, valued at $6,010,797. This trade represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 30,185 shares of company stock valued at $3,131,018. 0.33% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the stock. ORG Partners LLC raised its position in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter worth approximately $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at $33,000. Finally, Financial Life Planners acquired a new stake in shares of Marvell Technology during the fourth quarter worth $33,000. 83.51% of the stock is owned by institutional investors.
Marvell Technology Company Profile
(
Get Free Report)
Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.
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