Marvell Technology (NASDAQ:MRVL) Shares Down 9.6% – Should You Sell?

Marvell Technology, Inc. (NASDAQ:MRVL) fell 9.6% on Thursday . The stock traded as low as $54.85 and last traded at $55.11. 6,313,848 shares changed hands during trading, a decline of 53% from the average session volume of 13,357,621 shares. The stock had previously closed at $60.96.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of recent analyst reports. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Roth Capital set a $100.00 price target on Marvell Technology in a report on Thursday, March 6th. Stifel Nicolaus dropped their price objective on Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, Needham & Company LLC cut their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock 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 issued a strong buy rating to the company’s stock. 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 11.6 %

The company’s 50-day moving average is $82.20 and its 200 day moving average is $92.30. The stock has a market capitalization of $46.68 billion, a PE ratio of -31.64, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. 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 business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.45%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In related news, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Panteha Dixon sold 1,430 shares of the firm’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 transaction of $98,312.50. Following the sale, the chief accounting officer now directly 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 30,185 shares of company stock valued at $3,131,018 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently modified their holdings of MRVL. Invesco Ltd. raised its stake in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its position in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after acquiring an additional 857,087 shares during the period. Wellington Management Group LLP grew its position in shares of Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC increased its stake in shares of Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Marvell Technology during the 4th quarter worth about $1,138,354,000. 83.51% of the stock is owned by hedge funds and other 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.