Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.9% - Here's Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded down 1.9% during trading on Thursday . The stock traded as low as $63.94 and last traded at $64.62. 2,951,725 shares changed hands during trading, a decline of 79% from the average session volume of 13,965,457 shares. The stock had previously closed at $65.90.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Raymond James set a $110.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. KeyCorp cut their price objective on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Bank of America cut their price objective on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. TD Cowen cut their target price on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Finally, Melius initiated coverage on shares of Marvell Technology in a research note on Monday, January 27th. They set a "buy" rating and a $188.00 target price on the stock. Four analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $111.27.

Marvell Technology Price Performance

The stock has a market capitalization of $56.66 billion, a price-to-earnings ratio of -38.57, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company has a 50-day simple moving average of $60.44 and a two-hundred day simple moving average of $88.95. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology's dividend payout ratio is currently -23.53%.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 30,176 shares of company stock valued at $2,111,528 in the last quarter. Insiders own 0.19% of the company's stock.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after buying an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of 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 buying an additional 5,050,159 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of Marvell Technology by 2.2% during the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after buying an additional 423,892 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after buying an additional 857,087 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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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