Marvell Technology (NASDAQ:MRVL) Shares Down 3.9%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded down 3.9% during mid-day trading on Friday . The company traded as low as $70.29 and last traded at $70.57. 3,738,383 shares were traded during mid-day trading, a decline of 70% from the average session volume of 12,440,396 shares. The stock had previously closed at $73.45.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent research reports. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Oppenheimer reissued an “outperform” rating and issued a $90.00 target price (up from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus restated 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. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report 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 stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Price Performance

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 business’s 50 day moving average is $68.24 and its two-hundred day moving average is $69.55. The firm has a market capitalization of $61.10 billion, a PE ratio of -62.45, a P/E/G ratio of 3.12 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting 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 company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cambridge Investment Research Advisors Inc. grew its stake in shares of Marvell Technology by 5.3% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 75,903 shares of the semiconductor company’s stock valued at $4,578,000 after buying an additional 3,800 shares during the last quarter. Stifel Financial Corp grew its holdings in shares of Marvell Technology by 12.1% in the fourth quarter. Stifel Financial Corp now owns 1,126,020 shares of the semiconductor company’s stock worth $67,916,000 after purchasing an additional 121,980 shares during the last quarter. Focus Financial Network Inc. ADV bought a new position in Marvell Technology in the 4th quarter worth about $1,487,000. Fiduciary Trust Co increased its position in shares of Marvell Technology by 120.5% during the fourth quarter. Fiduciary Trust Co now owns 26,597 shares of the semiconductor company’s stock worth $1,604,000 after acquiring an additional 14,535 shares during the period. Finally, Treasurer of the State of North Carolina raised its stake in shares of Marvell Technology by 1.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 390,190 shares of the semiconductor company’s stock valued at $23,532,000 after acquiring an additional 3,710 shares in the last quarter. 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.