Marvell Technology (NASDAQ:MRVL) Shares Down 1% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares dropped 1% on Tuesday . The company traded as low as $72.00 and last traded at $72.04. Approximately 2,128,457 shares traded hands during trading, a decline of 83% from the average daily volume of 12,600,111 shares. The stock had previously closed at $72.76.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research note on Thursday, March 6th. Citigroup cut their price target on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Barclays lowered their target price on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Piper Sandler cut their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Finally, Raymond James set a $110.00 target price on Marvell Technology in a research report on Thursday, March 6th. Three equities 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Stock Down 2.8 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The business’s fifty day moving average price is $96.36 and its 200 day moving average price is $93.72. The company has a market capitalization of $56.21 billion, a P/E ratio of -38.18, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is -23.53%.

Insider Activity

In other 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 value of $954,485.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated 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 owns 31,100 shares of the company’s stock, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,685 shares of company stock worth $4,026,768. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MRVL. Great Valley Advisor Group Inc. boosted its stake in Marvell Technology by 2.5% in the third quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock worth $467,000 after purchasing an additional 156 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Marvell Technology by 84.3% in the third quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock valued at $4,401,000 after buying an additional 27,902 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in shares of Marvell Technology by 6.4% in the third quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company’s stock valued at $446,000 after buying an additional 373 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Marvell Technology during the 3rd quarter worth about $516,000. Finally, D.A. Davidson & CO. grew its holdings in Marvell Technology by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 60,056 shares of the semiconductor company’s stock worth $4,331,000 after acquiring an additional 4,718 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.