Marvell Technology (NASDAQ:MRVL) Stock Price Up 0% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price was up 0% during trading on Tuesday . The company traded as high as $58.93 and last traded at $58.73. Approximately 2,569,922 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 13,584,636 shares. The stock had previously closed at $58.70.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. TD Cowen dropped their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Melius initiated coverage on shares of Marvell Technology in a report on Monday, January 27th. They set a "buy" rating and a $188.00 price target for the company. Citigroup decreased their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Bank of America cut their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. Finally, Craig Hallum lifted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $114.56.

Marvell Technology Stock Up 4.8 %

The company has a market cap of $52.98 billion, a P/E ratio of -36.02, a P/E/G ratio of 1.61 and a beta of 1.78. 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 business's 50 day moving average is $65.58 and its 200 day moving average is $90.28.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the transaction, the chief operating officer now directly owns 87,931 shares of the company's stock, valued at approximately $9,351,461.85. The trade was a 6.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 27,390 shares of company stock worth $1,937,938. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Pine Valley Investments Ltd Liability Co grew its stake in shares of Marvell Technology by 8.0% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 23,799 shares of the semiconductor company's stock worth $1,716,000 after purchasing an additional 1,773 shares during the period. World Investment Advisors LLC increased its position in Marvell Technology by 1.4% during the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company's stock worth $2,911,000 after buying an additional 560 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Marvell Technology in the third quarter valued at approximately $3,432,000. Synovus Financial Corp boosted its stake in shares of Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company's stock worth $468,000 after acquiring an additional 2,445 shares during the period. Finally, Peapack Gladstone Financial Corp raised its stake in Marvell Technology by 27.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company's stock valued at $1,681,000 after acquiring an additional 5,005 shares during the period. 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.