Marvell Technology (NASDAQ:MRVL) Shares Down 2% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price fell 2% on Thursday . The company traded as low as $64.93 and last traded at $65.46. 3,832,138 shares were traded during trading, a decline of 70% from the average session volume of 12,584,913 shares. The stock had previously closed at $66.76.

Analyst Upgrades and Downgrades

A number of research firms have commented on MRVL. Bank of America cut their target price on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Cantor Fitzgerald upped their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Morgan Stanley cut their price target on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 price objective on shares of Marvell Technology 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, the company presently has a consensus rating of "Moderate Buy" and an average price target of $120.44.

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Marvell Technology Stock Performance

The company has a market capitalization of $53.73 billion, a P/E ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business's fifty day simple moving average is $94.05 and its 200-day simple moving average is $93.62.

Marvell Technology Announces Dividend

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 given a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. Marvell Technology's dividend payout ratio is currently -23.53%.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated 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 transaction, the executive vice president now owns 24,706 shares of the company's stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,685 shares of company stock valued at $4,026,768. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new stake in Marvell Technology in the third quarter worth $516,000. Townsquare Capital LLC lifted its holdings in shares of Marvell Technology by 54.9% in the 3rd quarter. Townsquare Capital LLC now owns 11,669 shares of the semiconductor company's stock worth $842,000 after acquiring an additional 4,136 shares during the last quarter. Blueshift Asset Management LLC bought a new stake in shares of Marvell Technology in the 3rd quarter worth about $215,000. CreativeOne Wealth LLC grew its holdings in Marvell Technology by 137.0% during the 3rd quarter. CreativeOne Wealth LLC now owns 6,939 shares of the semiconductor company's stock valued at $500,000 after purchasing an additional 4,011 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in Marvell Technology by 3.5% in the 3rd quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company's stock worth $2,671,000 after purchasing an additional 1,260 shares during the period. 83.51% of the stock is owned by institutional investors.

About Marvell Technology

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.