Marvell Technology (NASDAQ:MRVL) Shares Down 1.2% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) fell 1.2% during trading on Tuesday . The company traded as low as $122.10 and last traded at $123.27. 3,887,594 shares changed hands during trading, a decline of 62% from the average session volume of 10,291,562 shares. The stock had previously closed at $124.76.

Analysts Set New Price Targets

A number of research firms recently weighed in on MRVL. Wells Fargo & Company raised their price target on shares of Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Susquehanna lifted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Bank of America increased their price target on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Citigroup lifted their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, UBS Group increased their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $124.96.

Marvell Technology Stock Performance

The company has a market cap of $108.11 billion, a P/E ratio of -73.46, a PEG ratio of 4.10 and a beta of 1.41. 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 50 day moving average price of $107.35 and a 200-day moving average price of $85.01.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now owns 111,211 shares in the company, valued at $13,159,597.63. The trade was a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 31,755 shares of company stock worth $3,615,030 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after buying an additional 219,692 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after buying an additional 359,005 shares during the period. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 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.