Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.2% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded down 0.2% on Tuesday . The stock traded as low as $110.82 and last traded at $111.48. Approximately 1,019,415 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 12,560,738 shares. The stock had previously closed at $111.66.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research reports. Citigroup upped their price target on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Barclays raised their target price on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” 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. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Stock Performance

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 $99.16 and its two-hundred day moving average is $80.65. The stock has a market cap of $95.57 billion, a price-to-earnings ratio of -64.97, a PEG ratio of 4.03 and a beta of 1.46.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 172,500 shares of company stock worth $14,267,670. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC grew its position in Marvell Technology by 2.7% in the second quarter. Commonwealth Equity Services LLC now owns 204,143 shares of the semiconductor company’s stock valued at $14,270,000 after acquiring an additional 5,410 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Marvell Technology by 60.9% during the 2nd quarter. Farther Finance Advisors LLC now owns 6,563 shares of the semiconductor company’s stock worth $466,000 after purchasing an additional 2,484 shares during the last quarter. Essex Financial Services Inc. acquired a new position in shares of Marvell Technology in the 2nd quarter valued at approximately $255,000. D.A. Davidson & CO. boosted its stake in shares of Marvell Technology by 55.2% during the 2nd quarter. D.A. Davidson & CO. now owns 55,338 shares of the semiconductor company’s stock valued at $3,868,000 after buying an additional 19,672 shares during the last quarter. Finally, CIBC Asset Management Inc increased its stake in shares of Marvell Technology by 6.6% in the second quarter. CIBC Asset Management Inc now owns 178,491 shares of the semiconductor company’s stock worth $12,477,000 after buying an additional 10,979 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other 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.