Marvell Technology (NASDAQ:MRVL) Trading Down 4% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price dropped 4% on Wednesday . The stock traded as low as $68.00 and last traded at $69.48. Approximately 12,982,339 shares changed hands during trading, a decline of 18% from the average daily volume of 15,805,726 shares. The stock had previously closed at $72.41.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent research reports. China Renaissance initiated coverage on Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. Bank of America upped their price objective on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Needham & Company LLC cut Marvell Technology from a "buy" rating to a "cautious" rating in a report on Wednesday. Piper Sandler reiterated an "overweight" rating and issued a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Finally, UBS Group reiterated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $94.47.

Marvell Technology Stock Performance

The firm has a market capitalization of $64.50 billion, a price-to-earnings ratio of -130.82, a PEG ratio of 0.77 and a beta of 1.81. 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 firm has a 50 day moving average price of $68.81 and a 200-day moving average price of $79.37.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company'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 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,286 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the transaction, the chief accounting officer owned 32,094 shares of the company's stock, valued at $2,086,110. This represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Marvell Technology during the fourth quarter worth about $234,000. Dynamic Advisor Solutions LLC boosted its stake in shares of Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after buying an additional 206 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $45,211,000. Yousif Capital Management LLC boosted its stake in shares of Marvell Technology by 8.4% during the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after buying an additional 1,164 shares during the period. Finally, Tree Line Advisors Hong Kong Ltd. acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $46,389,000. Hedge funds and other 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.