Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.8% - What's Next?

Key Points

• Marvell Technology's stock price decreased by 1.8% to $77.91, with trading volume significantly lower than average at 3 million shares compared to 18 million shares.
• Analysts maintain a generally positive outlook, with 23 buy ratings and a consensus price target of $94.70, although one analyst downgraded the rating to "hold."
• The company recently announced a quarterly dividend of $0.06, translating to an annual yield of 0.3%, while insiders have sold shares totaling approximately $445,964 in the past 90 days.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price traded down 1.8% on Thursday . The stock traded as low as $77.54 and last traded at $77.91. 3,053,767 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 18,474,379 shares. The stock had previously closed at $79.32.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. B. Riley reiterated a "buy" rating and issued a $115.00 price objective (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a report on Thursday, May 22nd. Finally, KeyCorp lowered their price target on 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 equities research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Stock Down 1.7%

The stock has a 50-day simple moving average of $73.87 and a 200-day simple moving average of $73.82. The firm has a market capitalization of $67.36 billion, a PE ratio of -136.83, a P/E/G ratio of 0.84 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. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The business's quarterly revenue was up 63.3% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the 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 transaction, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. This represents a 4.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 6,409 shares of company stock worth $445,964. Insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Coldstream Capital Management Inc. grew its position in shares of Marvell Technology by 1.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock worth $1,253,000 after buying an additional 116 shares in the last quarter. First Horizon Advisors Inc. raised its position in shares of Marvell Technology by 6.9% in the second quarter. First Horizon Advisors Inc. now owns 2,115 shares of the semiconductor company's stock valued at $164,000 after buying an additional 137 shares during the last quarter. Richards Merrill & Peterson Inc. increased its position in Marvell Technology by 4.0% during the second quarter. Richards Merrill & Peterson Inc. now owns 3,606 shares of the semiconductor company's stock worth $279,000 after purchasing an additional 139 shares during the last quarter. Retirement Planning Group LLC NY increased its stake in Marvell Technology by 4.0% during the second quarter. Retirement Planning Group LLC NY now owns 3,722 shares of the semiconductor company's stock worth $288,000 after acquiring an additional 142 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in Marvell Technology by 0.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 19,945 shares of the semiconductor company's stock valued at $1,544,000 after purchasing an additional 151 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.

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