Marvell Technology (NASDAQ:MRVL) Trading Down 3.5% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was down 3.5% during trading on Monday . The stock traded as low as $59.24 and last traded at $59.84. Approximately 4,269,960 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 12,881,642 shares. The stock had previously closed at $62.04.

Analyst Ratings Changes

MRVL has been the topic of a number of research reports. JPMorgan Chase & Co. lifted their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Piper Sandler reduced their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Morgan Stanley lowered their target price 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. Roth Capital set a $100.00 price target on Marvell Technology in a research report on Thursday, March 6th. Finally, Bank of America decreased their price objective on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Up 1.8 %

The company has a market cap of $54.28 billion, a P/E ratio of -36.86, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average of $91.56 and a 200 day moving average of $93.58.

Marvell Technology Announces Dividend

The firm 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 $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Activity at Marvell Technology

In related news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through 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 transaction of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently modified their holdings of the company. Zweig DiMenna Associates LLC boosted its holdings in Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC bought a new position in shares of Marvell Technology in the fourth quarter worth about $637,000. RFG Advisory LLC grew its position 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 in the last quarter. Nomura Asset Management Co. Ltd. raised its stake 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 valued at $206,418,000 after purchasing an additional 535,203 shares during the period. Finally, Franchise Capital Ltd purchased a new position in Marvell Technology in the 4th quarter worth approximately $1,476,000. 83.51% of the stock is currently owned by institutional investors.

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.