Marvell Technology (NASDAQ:MRVL) Shares Down 2.5% - What's Next?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares fell 2.5% on Friday . The company traded as low as $60.04 and last traded at $60.29. 5,299,850 shares were traded during mid-day trading, a decline of 63% from the average session volume of 14,136,985 shares. The stock had previously closed at $61.85.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MRVL shares. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a report on Thursday, May 22nd. Stifel Nicolaus reduced their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Loop Capital upgraded Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price for the company in a research report on Thursday, March 6th. Finally, KeyCorp reduced their price target on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Six investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $103.22.

Marvell Technology Stock Performance

The stock has a market capitalization of $55.13 billion, a price-to-earnings ratio of -37.54, 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 $59.39 and a 200-day simple moving average of $87.61. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology's payout ratio is presently -23.53%.

Insider Buying and Selling

In other news, EVP Mark Casper sold 12,460 shares of the 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 legal filing with the SEC, which is accessible through the SEC website. Also, Director Brad W. Buss bought 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the transaction, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 over the last ninety days. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently modified their holdings of MRVL. Janney Montgomery Scott LLC lifted its stake in shares of Marvell Technology by 9.8% in the fourth quarter. Janney Montgomery Scott LLC now owns 135,051 shares of the semiconductor company's stock valued at $14,916,000 after buying an additional 12,020 shares in the last quarter. Avior Wealth Management LLC raised its holdings in shares of Marvell Technology by 129.2% in the 4th quarter. Avior Wealth Management LLC now owns 3,124 shares of the semiconductor company's stock worth $345,000 after acquiring an additional 1,761 shares during the last quarter. Cornerstone Wealth Management LLC bought a new position in Marvell Technology in the 4th quarter valued at about $370,000. Geneos Wealth Management Inc. boosted its stake in Marvell Technology by 175.3% during the 4th quarter. Geneos Wealth Management Inc. now owns 9,095 shares of the semiconductor company's stock valued at $1,005,000 after purchasing an additional 5,791 shares during the last quarter. Finally, Drive Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter valued at about $260,000. 83.51% of the stock is currently owned by 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.