Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.4% – Time to Sell?

Marvell Technology, Inc. (NASDAQ:MRVL) traded down 1.4% during trading on Tuesday . The stock traded as low as $70.60 and last traded at $71.08. 2,803,849 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 12,419,878 shares. The stock had previously closed at $72.12.

Analyst Ratings Changes

A number of research analysts recently issued reports on MRVL shares. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark upped their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Barclays increased their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Up 0.3 %

The business’s 50 day simple moving average is $68.59 and its 200 day simple moving average is $69.62. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $62.53 billion, a PE ratio of -63.18, a PEG ratio of 3.12 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock valued at $11,880,685. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Davidson Kempner Capital Management LP increased its position in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the period. Diversified Trust Co purchased a new stake in Marvell Technology during the second quarter worth $932,000. Orion Portfolio Solutions LLC boosted its position in Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after acquiring an additional 10,306 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Marvell Technology by 20.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after acquiring an additional 88,918 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other 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.