Marvell Technology (NASDAQ:MRVL) Trading Down 2% – What’s Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2% during trading on Thursday . The stock traded as low as $64.93 and last traded at $65.46. Approximately 3,832,138 shares traded hands during trading, a decline of 70% from the average daily volume of 12,584,913 shares. The stock had previously closed at $66.76.

Analysts Set New Price Targets

Several research firms have recently weighed in on MRVL. Evercore ISI upped their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Susquehanna upped their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. TD Cowen lowered their target price on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Craig Hallum boosted their price target on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Finally, Melius began coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective for the company. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

The firm has a market cap of $55.75 billion, a price-to-earnings ratio of -37.86, a price-to-earnings-growth 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 stock’s 50 day moving average is $96.36 and its 200 day moving average is $93.72.

Marvell Technology Dividend Announcement

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

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now owns 111,211 shares in the company, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 in the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently modified their holdings of the stock. Zweig DiMenna Associates LLC raised its stake in Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after purchasing an additional 12,700 shares in the last quarter. Berbice Capital Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at approximately $637,000. RFG Advisory LLC lifted its holdings in shares of Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after acquiring an additional 2,507 shares during the period. Nomura Asset Management Co. Ltd. boosted its position in shares of Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after acquiring an additional 535,203 shares in the last quarter. Finally, Franchise Capital Ltd bought a new position in Marvell Technology in the fourth quarter valued at approximately $1,476,000. 83.51% of the stock is currently 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.