Marvell Technology (NASDAQ:MRVL) Shares Down 2.4% - What's Next?

Key Points

• Marvell Technology's shares fell 2.4%, closing at $77.15, with significant trading volume down 81% from the average.
• Research analysts have varied opinions on the stock, with 23 buy ratings, several price target adjustments, and an average price target of $94.70.
• The company recently declared a quarterly dividend, contributing to an annualized dividend yield of 0.3%.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares traded down 2.4% during mid-day trading on Friday . The stock traded as low as $76.73 and last traded at $77.15. 3,462,207 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 18,417,145 shares. The stock had previously closed at $79.04.

Analysts Set New Price Targets

Several research analysts have recently weighed in on MRVL shares. Loop Capital reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. The Goldman Sachs Group started coverage on shares of Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price objective on the stock. Evercore ISI reduced their target price on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Melius Research raised their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Finally, KeyCorp cut their price target on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Stock Down 2.8%

The stock has a fifty day moving average price of $74.14 and a two-hundred day moving average price of $73.68. The company has a market cap of $66.34 billion, a price-to-earnings ratio of -134.84, a P/E/G ratio of 0.86 and a beta of 1.83. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. Marvell Technology's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period last year, the firm earned $0.24 earnings per share. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 3,000 shares of the stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president owned 17,163 shares in the company, valued at $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,409 shares of company stock valued at $445,964 over the last 90 days. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Marvell Technology during the 4th quarter worth $234,000. Dynamic Advisor Solutions LLC grew its position in Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after acquiring an additional 206 shares during the last quarter. Yousif Capital Management LLC grew its position in Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after acquiring an additional 1,164 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares in the last quarter. Finally, Sargent Investment Group LLC lifted its holdings in shares of Marvell Technology by 55.7% in the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after acquiring an additional 4,792 shares during the last quarter. 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.

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