Marvell Technology (NASDAQ:MRVL) Shares Down 3.1%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was down 3.1% during trading on Monday . The company traded as low as $70.34 and last traded at $71.61. Approximately 5,863,814 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 12,490,589 shares. The stock had previously closed at $73.87.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of recent analyst reports. B. Riley increased their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Bank of America lifted their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Evercore ISI raised their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

The stock has a market cap of $62.24 billion, a P/E ratio of -63.02, a PEG ratio of 3.29 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a fifty day moving average of $68.20 and a 200 day moving average of $69.63.

Marvell Technology (NASDAQ:MRVL) last released its 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 during 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 business’s quarterly revenue was down 5.1% on a year-over-year basis. On average, equities analysts predict that Marvell Technology, Inc. will post 0.77 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. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. Insiders sold a total of 160,000 shares of company stock worth $11,878,785 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its holdings in Marvell Technology by 5.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock valued at $3,620,000 after purchasing an additional 3,109 shares in the last quarter. Coldstream Capital Management Inc. bought a new position in shares of Marvell Technology in the fourth quarter valued at about $274,000. D.A. Davidson & CO. grew its holdings in Marvell Technology by 13.6% during the 4th quarter. D.A. Davidson & CO. now owns 33,051 shares of the semiconductor company’s stock worth $1,993,000 after acquiring an additional 3,958 shares during the last quarter. Assetmark Inc. increased its position in Marvell Technology by 63.5% in the 4th quarter. Assetmark Inc. now owns 20,443 shares of the semiconductor company’s stock valued at $1,233,000 after acquiring an additional 7,937 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Marvell Technology by 84.1% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,331 shares of the semiconductor company’s stock worth $80,000 after purchasing an additional 608 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

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.