Marvell Technology (NASDAQ:MRVL) Shares Down 2.2% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded down 2.2% during mid-day trading on Friday . The company traded as low as $111.39 and last traded at $113.19. 2,101,529 shares were traded during mid-day trading, a decline of 83% from the average session volume of 12,615,259 shares. The stock had previously closed at $115.71.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent research reports. Evercore ISI raised their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. UBS Group raised their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Benchmark reissued a “buy” rating and set a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. KeyCorp lifted their price objective on Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $125.00 target price (up from $114.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business has a 50 day simple moving average of $97.45 and a 200-day simple moving average of $79.80. The firm has a market cap of $98.32 billion, a price-to-earnings ratio of -66.83, a P/E/G ratio of 4.03 and a beta of 1.46.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $120,750.00. Following the completion of the sale, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Murphy acquired 13,000 shares of Marvell Technology stock in a transaction on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the purchase, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 175,000 shares of company stock worth $14,444,745. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. grew its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Temasek Holdings Private Ltd grew its holdings in Marvell Technology by 581.8% during the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP purchased a new stake in Marvell Technology in the third quarter worth $120,116,000. Van ECK Associates Corp raised its stake in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after buying an additional 1,570,050 shares during the period. Finally, D1 Capital Partners L.P. purchased a new position in shares of Marvell Technology during the 2nd quarter valued at $108,204,000. Institutional investors 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.