Marvell Technology (NASDAQ:MRVL) Trading Down 1.5% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) traded down 1.5% during trading on Tuesday . The stock traded as low as $71.81 and last traded at $72.63. 2,226,803 shares traded hands during trading, a decline of 82% from the average session volume of 12,357,598 shares. The stock had previously closed at $73.72.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research reports. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. The Goldman Sachs Group increased their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. KeyCorp raised their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

The firm’s fifty day moving average price is $69.41 and its 200-day moving average price is $69.86. The company has a market cap of $62.34 billion, a P/E ratio of -64.46, a P/E/G ratio of 3.12 and a beta of 1.45. 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, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.18 earnings per share. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend 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 currently -21.24%.

Insider Buying and Selling

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 110,318 shares of the company’s stock, valued at $8,150,293.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $8,130,685 in the last 90 days. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC raised its stake 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 worth $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Marvell Technology during the 1st quarter worth $31,000. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP acquired a new stake in shares of Marvell Technology in the 2nd quarter valued at $32,000. Finally, Optimum Investment Advisors bought a new stake in shares of Marvell Technology during the first quarter worth $35,000. 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.