Marvell Technology (NASDAQ:MRVL) Trading Down 4.3% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares were down 4.3% during trading on Friday . The stock traded as low as $62.26 and last traded at $62.07. Approximately 4,150,054 shares traded hands during mid-day trading, a decline of 67% from the average daily volume of 12,561,218 shares. The stock had previously closed at $64.86.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of analyst reports. Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Melius initiated coverage on Marvell Technology in a report on Monday, January 27th. They set a "buy" rating and a $188.00 price objective on the stock. JPMorgan Chase & Co. lifted their target price on Marvell Technology from $90.00 to $130.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Rosenblatt Securities reissued a "buy" rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Citigroup reduced their price objective on shares of Marvell Technology from $136.00 to $122.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus price target of $120.44.

Marvell Technology Stock Performance

The company has a market cap of $53.32 billion, a P/E ratio of -36.22, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The business has a 50 day moving average price of $94.05 and a two-hundred day moving average price of $93.75. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

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Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares of the company's stock, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last three months. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently modified their holdings of the stock. True Wealth Design LLC grew its holdings in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock worth $25,000 after acquiring an additional 326 shares during the period. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology in the 4th quarter worth about $27,000. Finally, Kieckhefer Group LLC bought a new stake in Marvell Technology during the fourth quarter worth about $33,000. Institutional investors own 83.51% of the company's stock.

Marvell Technology Company Profile

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.