Marvell Technology (NASDAQ:MRVL) Shares Down 1.4%

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded down 1.4% on Tuesday . The company traded as low as $70.60 and last traded at $71.08. 2,803,849 shares traded hands during trading, a decline of 77% from the average session volume of 12,419,878 shares. The stock had previously closed at $72.12.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MRVL shares. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark lifted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. KeyCorp upped their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Rosenblatt Securities lifted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Down 1.2 %

The firm has a market capitalization of $61.65 billion, a PE ratio of -62.90, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. The firm’s 50-day moving average is $68.40 and its 200 day moving average is $69.58. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the business earned $0.18 earnings per share. The company’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at approximately $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold 157,500 shares of company stock worth $11,703,610 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the business. Cavalry Management Group LLC acquired a new position in shares of Marvell Technology during the 2nd quarter valued at about $216,000. Greater Midwest Financial Group LLC grew its holdings in Marvell Technology by 11.1% in the second quarter. Greater Midwest Financial Group LLC now owns 21,441 shares of the semiconductor company’s stock valued at $1,368,000 after purchasing an additional 2,146 shares during the period. Centaurus Financial Inc. increased its position in Marvell Technology by 50.4% during the second quarter. Centaurus Financial Inc. now owns 9,764 shares of the semiconductor company’s stock worth $683,000 after purchasing an additional 3,273 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its stake in Marvell Technology by 2,591.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,339 shares of the semiconductor company’s stock worth $5,616,000 after purchasing an additional 77,354 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $3,665,000. 83.51% of the stock is currently owned by hedge funds and other 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.