Marvell Technology (NASDAQ:MRVL) Trading Down 4% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price fell 4% during mid-day trading on Monday . The stock traded as low as $72.40 and last traded at $72.14. 5,688,306 shares were traded during mid-day trading, a decline of 64% from the average session volume of 15,654,330 shares. The stock had previously closed at $75.18.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MRVL. Loop Capital cut their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Melius cut Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a report on Thursday, May 22nd. Susquehanna cut their target price on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a report on Tuesday, May 27th. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Finally, Barclays dropped their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Six research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average price target of $96.33.

Marvell Technology Trading Up 0.6%

The firm has a fifty day simple moving average of $67.07 and a two-hundred day simple moving average of $81.18. The stock has a market cap of $62.15 billion, a PE ratio of -126.23, a PEG ratio of 0.78 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. 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%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer owned 32,094 shares in the company, valued at approximately $2,086,110. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,394 shares of company stock valued at $1,656,076. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Strategic Advocates LLC purchased a new position in shares of Marvell Technology in the second quarter worth $306,000. Parisi Gray Wealth Management increased its position in shares of Marvell Technology by 27.0% in the second quarter. Parisi Gray Wealth Management now owns 22,507 shares of the semiconductor company's stock valued at $1,742,000 after acquiring an additional 4,782 shares during the period. Red Spruce Capital LLC purchased a new position in shares of Marvell Technology in the second quarter valued at about $1,975,000. Parallel Advisors LLC increased its position in shares of Marvell Technology by 149.7% in the second quarter. Parallel Advisors LLC now owns 23,657 shares of the semiconductor company's stock valued at $1,831,000 after acquiring an additional 14,184 shares during the period. Finally, Wesbanco Bank Inc. increased its position in shares of Marvell Technology by 53.8% in the second quarter. Wesbanco Bank Inc. now owns 68,615 shares of the semiconductor company's stock valued at $5,311,000 after acquiring an additional 24,000 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

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.