Marvell Technology (NASDAQ:MRVL) Shares Down 1.2%

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price fell 1.2% during mid-day trading on Friday . The company traded as low as $73.76 and last traded at $74.00. 1,502,193 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 12,456,640 shares. The stock had previously closed at $74.88.

Analyst Ratings Changes

Several brokerages have issued reports on MRVL. B. Riley lifted their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. KeyCorp lifted their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Rosenblatt Securities lifted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Performance

The stock has a market capitalization of $63.41 billion, a PE ratio of -65.49, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The firm’s fifty day moving average is $68.19 and its 200-day moving average is $69.81. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.18 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Daniel Durn purchased 1,425 shares of the company’s stock in a transaction on Monday, June 24th. The stock was bought at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at $135,013.83. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently modified their holdings of the company. Tlwm boosted its holdings in shares of Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 136 shares during the period. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Trueblood Wealth Management LLC boosted its holdings in shares of Marvell Technology by 3.2% in the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after acquiring an additional 152 shares during the period. Edmond DE Rothschild Holding S.A. boosted its holdings in shares of Marvell Technology by 0.5% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock valued at $1,855,000 after acquiring an additional 162 shares during the period. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Marvell Technology by 0.4% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock valued at $3,143,000 after acquiring an additional 168 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.