Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.1% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares fell 0.1% during mid-day trading on Wednesday . The stock traded as low as $61.46 and last traded at $62.58. 1,919,399 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 12,893,840 shares. The stock had previously closed at $62.67.

Analysts Set New Price Targets

A number of analysts recently weighed in on MRVL shares. Cantor Fitzgerald upped their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. B. Riley boosted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Morgan Stanley reduced their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Three 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 data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Up 2.4 %

The company has a market capitalization of $55.58 billion, a price-to-earnings ratio of -37.75, a PEG ratio of 1.61 and a beta of 1.42. 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 firm’s 50 day simple moving average is $91.56 and its 200-day simple moving average is $93.58.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given 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 yield of 0.37%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at approximately $26,000. ORG Partners LLC increased its stake in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the fourth quarter worth $27,000. Kieckhefer Group LLC purchased a new stake in Marvell Technology during the fourth quarter worth $33,000. Finally, Financial Life Planners acquired a new stake in Marvell Technology in the fourth quarter valued at $33,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.