Marvell Technology (NASDAQ:MRVL) Shares Down 2.3% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded down 2.3% during trading on Monday . The stock traded as low as $109.78 and last traded at $110.96. 1,536,286 shares were traded during trading, a decline of 88% from the average session volume of 12,586,775 shares. The stock had previously closed at $113.62.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Barclays lifted their price objective on shares of Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald upped their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. Rosenblatt Securities boosted their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Loop Capital increased their price target on Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $119.76.

Marvell Technology Price Performance

The stock has a market cap of $95.57 billion, a price-to-earnings ratio of -64.97, a P/E/G ratio of 4.03 and a beta of 1.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $98.59 and its two-hundred day simple moving average is $80.44.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders 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 annualized dividend and a dividend yield of 0.22%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Insider Activity at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 172,500 shares of company stock valued at $14,267,670 over the last quarter. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Large investors have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its stake in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the last quarter. Quarry LP bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter worth $32,000. Whittier Trust Co. grew its holdings in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Marvell Technology in the third quarter valued at $37,000. 83.51% of the stock is owned by 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.