Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.9% - Here's What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) were down 2.9% during trading on Wednesday . The stock traded as low as $55.86 and last traded at $56.96. Approximately 3,239,791 shares changed hands during trading, a decline of 76% from the average daily volume of 13,610,314 shares. The stock had previously closed at $58.68.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MRVL. Loop Capital raised Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price for the company in a research note on Thursday, March 6th. Morgan Stanley reduced their target price on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating on the stock in a report on Thursday, March 6th. Craig Hallum lifted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Piper Sandler cut their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Finally, StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $114.56.

Marvell Technology Stock Performance

The business's fifty day moving average is $66.49 and its 200-day moving average is $90.50. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market cap of $49.29 billion, a PE ratio of -33.48, a P/E/G ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

Insider Buying and Selling

In other news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The stock was 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 can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the transaction, the chief operating officer now directly owns 87,931 shares in the company, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,390 shares of company stock valued at $1,937,938. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. LBP AM SA lifted its holdings in shares of Marvell Technology by 15.1% in the first quarter. LBP AM SA now owns 321,530 shares of the semiconductor company's stock worth $19,797,000 after buying an additional 42,121 shares in the last quarter. Linden Thomas Advisory Services LLC boosted its holdings in shares of Marvell Technology by 2.5% during the 1st quarter. Linden Thomas Advisory Services LLC now owns 9,129 shares of the semiconductor company's stock valued at $562,000 after purchasing an additional 226 shares during the last quarter. Greenleaf Trust increased its holdings in shares of Marvell Technology by 5.9% in the first quarter. Greenleaf Trust now owns 8,248 shares of the semiconductor company's stock worth $508,000 after purchasing an additional 459 shares during the last quarter. OMNI 360 Wealth Inc. purchased a new stake in shares of Marvell Technology in the first quarter worth about $226,000. Finally, BXM Wealth LLC purchased a new position in Marvell Technology during the 1st quarter valued at approximately $346,000. 83.51% of the stock is owned by hedge funds and other 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.

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