Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) fell 4.4% during trading on Wednesday . The stock traded as low as $67.24 and last traded at $68.53. 5,568,218 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 12,561,598 shares. The stock had previously closed at $71.67.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on MRVL shares. B. Riley upped their price target on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. KeyCorp lowered their price target on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research report on Thursday, March 6th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $120.44.
Get Our Latest Stock Analysis on MRVL
Marvell Technology Price Performance
The stock has a market cap of $53.73 billion, a P/E ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42. The company has a 50 day simple moving average of $94.05 and a 200 day simple moving average of $93.47. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.39%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.
Insider Activity
In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now owns 111,211 shares of the company's stock, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 in the last quarter. Corporate insiders own 0.33% of the company's stock.
Hedge Funds Weigh In On Marvell Technology
Institutional investors have recently bought and sold shares of the business. Zweig DiMenna Associates LLC increased its holdings in shares of Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock worth $23,583,000 after acquiring an additional 12,700 shares during the last quarter. Berbice Capital Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth approximately $637,000. RFG Advisory LLC increased its stake in shares of Marvell Technology by 6.2% during the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock worth $4,708,000 after purchasing an additional 2,507 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company's stock worth $206,418,000 after purchasing an additional 535,203 shares during the last quarter. Finally, Franchise Capital Ltd bought a new stake in Marvell Technology in the 4th quarter valued at $1,476,000. Institutional investors and hedge funds own 83.51% of the company's stock.
About Marvell Technology
(
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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