Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.5% - Here's Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded down 1.5% during mid-day trading on Monday . The company traded as low as $57.74 and last traded at $58.02. 2,731,476 shares were traded during mid-day trading, a decline of 80% from the average session volume of 13,585,314 shares. The stock had previously closed at $58.92.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Melius assumed coverage on Marvell Technology in a research note on Monday, January 27th. They issued a "buy" rating and a $188.00 target price on the stock. Piper Sandler cut their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Barclays cut their target price on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Wells Fargo & Company restated an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $114.56.

Marvell Technology Trading Down 0.5 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market cap of $50.55 billion, a PE ratio of -34.34, a P/E/G ratio of 1.61 and a beta of 1.78. The business's 50-day simple moving average is $65.58 and its 200-day simple moving average is $90.28.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.41%. Marvell Technology's payout ratio is -23.53%.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction 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 transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,390 shares of company stock worth $1,937,938 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. ORG Partners LLC raised its holdings in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 149 shares in the last quarter. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at $27,000. Rossby Financial LCC acquired a new position in Marvell Technology in the 1st quarter valued at $27,000. Finally, Security National Bank acquired a new position in Marvell Technology in the 1st quarter valued at $31,000. 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.