Marvell Technology (NASDAQ:MRVL) Trading Down 1.1% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price traded down 1.1% on Friday . The company traded as low as $72.14 and last traded at $72.52. 2,302,045 shares were traded during mid-day trading, a decline of 85% from the average session volume of 15,726,107 shares. The stock had previously closed at $73.30.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Melius Research increased their price objective on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research report on Wednesday, June 18th. Wall Street Zen lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday. Redburn Atlantic assumed coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price objective on the stock. Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Wells Fargo & Company reduced their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Trading Down 0.9%

The company has a market capitalization of $62.81 billion, a price-to-earnings ratio of -127.56, a P/E/G ratio of 0.79 and a beta of 1.81. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company's 50 day simple moving average is $67.80 and its two-hundred day simple moving average is $80.29.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results 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 company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. During the same period last year, the firm earned $0.24 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 626 shares of the business's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the transaction, the executive vice president directly owned 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction on 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 owned 29,572 shares of the company's stock, valued at $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bouvel Investment Partners LLC lifted its position in Marvell Technology by 3.8% during the second quarter. Bouvel Investment Partners LLC now owns 72,628 shares of the semiconductor company's stock valued at $5,621,000 after purchasing an additional 2,689 shares during the period. Grant Private Wealth Management Inc purchased a new position in Marvell Technology in the second quarter valued at $1,963,000. Farther Finance Advisors LLC increased its holdings in Marvell Technology by 136.0% in the second quarter. Farther Finance Advisors LLC now owns 20,058 shares of the semiconductor company's stock valued at $1,552,000 after buying an additional 11,560 shares in the last quarter. Global X Japan Co. Ltd. increased its holdings in Marvell Technology by 39.1% in the second quarter. Global X Japan Co. Ltd. now owns 49,687 shares of the semiconductor company's stock valued at $3,846,000 after buying an additional 13,970 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC purchased a new position in Marvell Technology in the second quarter valued at $11,504,000. 83.51% of the stock is currently 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.