Marvell Technology (NASDAQ:MRVL) Shares Down 2.7% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price fell 2.7% during mid-day trading on Monday . The stock traded as low as $71.27 and last traded at $71.53. 6,522,456 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 15,130,572 shares. The stock had previously closed at $73.51.

Analyst Ratings Changes

Several brokerages have recently issued reports on MRVL. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Cantor Fitzgerald lifted their price target on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Loop Capital decreased their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Finally, Stifel Nicolaus decreased their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The stock has a 50-day simple moving average of $62.02 and a 200-day simple moving average of $84.06. The stock has a market cap of $60.99 billion, a P/E ratio of -123.87, a PEG ratio of 0.80 and a beta of 1.76.

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, beating analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. Marvell Technology's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 EPS. Research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology's payout ratio is -42.11%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer now owns 29,572 shares of the company's stock, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 626 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares in the company, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Marvell Technology during the fourth quarter valued at $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the fourth quarter worth about $802,410,000. Nuveen Asset Management LLC lifted its position in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Nuveen LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in Marvell Technology by 32.3% in the 1st 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 during the last quarter. 83.51% of the stock is 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.

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