Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.3% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded down 1.3% on Friday . The stock traded as low as $68.44 and last traded at $69.56. 2,834,348 shares were traded during mid-day trading, a decline of 77% from the average session volume of 12,581,706 shares. The stock had previously closed at $70.49.

Analyst Ratings Changes

Several analysts have recently issued reports on MRVL shares. Bank of America reduced their price target on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Oppenheimer boosted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th. Susquehanna increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a research note on Wednesday, December 4th. Finally, William Blair raised Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Three research 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 company. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus price target of $120.44.

Marvell Technology Price Performance

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 company has a 50 day moving average price of $99.06 and a 200 day moving average price of $93.85. The firm has a market cap of $62.39 billion, a PE ratio of -42.40, a PEG ratio of 1.61 and a beta of 1.42.

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Marvell Technology Dividend Announcement

The company also recently disclosed 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. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology's payout ratio is currently -23.53%.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of the firm's stock in a transaction dated Thursday, January 2nd. The shares were 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 in the company, valued at $2,791,778. This trade represents a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value 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 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 quarter. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MRVL. Intrepid Financial Planning Group LLC increased its holdings in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares in the last quarter. PDS Planning Inc increased its holdings in Marvell Technology by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock valued at $319,000 after buying an additional 92 shares in the last quarter. Lodestone Wealth Management LLC lifted its position in shares of 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 during the period. Valley National Advisers Inc. boosted its stake in shares of Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock worth $2,775,000 after acquiring an additional 96 shares in the last quarter. Finally, Private Trust Co. NA boosted its stake in shares of Marvell Technology by 2.7% during the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after acquiring an additional 97 shares in the last quarter. Hedge funds and other 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.