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

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $72.41, but opened at $70.13. Marvell Technology shares last traded at $69.00, with a volume of 10,281,561 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MRVL shares. Redburn Atlantic initiated coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 price target for the company. Susquehanna decreased their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a report on Tuesday, May 27th. Needham & Company LLC downgraded shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday. Benchmark reaffirmed a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, KeyCorp lowered their price target on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Stock Performance

The firm's 50 day simple moving average is $68.52 and its 200 day simple moving average is $79.65. The firm has a market capitalization of $62.20 billion, a price-to-earnings ratio of -126.33, a PEG ratio of 0.78 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

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

Marvell Technology Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology's payout ratio is -42.11%.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,394 shares of company stock worth $1,656,076. Corporate insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hughes Financial Services LLC purchased a new stake in shares of Marvell Technology during the first quarter worth approximately $26,000. Rossby Financial LCC acquired a new position in Marvell Technology during the 1st quarter worth approximately $27,000. Financial Connections Group Inc. increased its position in shares of Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 388 shares during the last quarter. Vision Financial Markets LLC acquired a new stake in Marvell Technology in the first quarter valued at $28,000. Finally, Security National Bank purchased a new stake in Marvell Technology during the 1st quarter worth about $31,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.