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

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded down 2.3% on Friday . The company traded as low as $106.63 and last traded at $106.25. 1,505,087 shares were traded during trading, a decline of 88% from the average session volume of 12,607,666 shares. The stock had previously closed at $108.71.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MRVL. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Craig Hallum boosted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Susquehanna raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Morgan Stanley reiterated an “equal weight” rating on shares of Marvell Technology in a research report on Friday, February 14th. Finally, Loop Capital increased their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Trading Down 4.5 %

The business’s 50 day simple moving average is $113.59 and its two-hundred day simple moving average is $92.25. The stock has a market cap of $89.86 billion, a P/E ratio of -61.09, a PEG ratio of 1.61 and a beta of 1.40. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently made changes to their positions in the stock. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC boosted its stake in shares of 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 during the last quarter. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $27,000. Finally, Kieckhefer Group LLC bought a new position in Marvell Technology during the fourth quarter worth $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.