Marvell Technology (NASDAQ:MRVL) Shares Down 0.1% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares fell 0.1% during mid-day trading on Wednesday . The company traded as low as $61.46 and last traded at $62.58. 1,919,399 shares traded hands during trading, a decline of 85% from the average session volume of 12,893,840 shares. The stock had previously closed at $62.67.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MRVL. Melius initiated coverage on shares of Marvell Technology in a report on Monday, January 27th. They set a "buy" rating and a $188.00 price objective for the company. Barclays lowered their price target on Marvell Technology from $150.00 to $130.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. KeyCorp reduced their price objective on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Finally, Benchmark reaffirmed a "buy" rating and issued a $135.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.44.

Marvell Technology Stock Down 11.2 %

The stock has a market capitalization of $42.81 billion, a PE ratio of -29.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. 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 business's fifty day moving average price is $87.42 and its two-hundred day moving average price is $92.94.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.49%. The ex-dividend date is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now owns 30,959 shares in the company, valued at $3,797,121.35. This represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,185 shares of company stock valued at $3,744,268 in the last ninety days. Insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

A number of institutional investors have recently made changes to their positions in MRVL. Intrepid Financial Planning Group LLC grew its holdings in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after buying an additional 90 shares in the last quarter. PDS Planning Inc boosted its position in Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after acquiring an additional 92 shares during the last quarter. Lodestone Wealth Management LLC grew its stake in Marvell Technology by 2.0% during the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock valued at $514,000 after acquiring an additional 93 shares in the last quarter. Valley National Advisers Inc. raised its holdings in Marvell Technology by 0.4% in the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock valued at $2,775,000 after acquiring an additional 96 shares during the last quarter. Finally, Private Trust Co. NA lifted its stake in Marvell Technology by 2.7% in the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 97 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.