Marvell Technology (NASDAQ:MRVL) Trading Down 1.1% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded down 1.1% during trading on Wednesday . The company traded as low as $109.80 and last traded at $110.45. 4,655,739 shares were traded during trading, a decline of 63% from the average session volume of 12,575,554 shares. The stock had previously closed at $111.66.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on MRVL shares. Rosenblatt Securities boosted their price objective on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays boosted their price target on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Loop Capital lifted their price objective on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Oppenheimer increased their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC lifted their price target on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $119.76.

Marvell Technology Stock Up 2.8 %

The company’s 50 day simple moving average is $99.80 and its 200-day simple moving average is $80.88. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a market capitalization of $98.26 billion, a PE ratio of -66.80, a PEG ratio of 4.03 and a beta of 1.46.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. This trade represents a 5.81 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Murphy acquired 13,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was bought at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. The trade was a 6.22 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 172,500 shares of company stock worth $14,267,670 over the last ninety days. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its stake in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology in the 2nd quarter worth approximately $32,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter worth approximately $32,000. Whittier Trust Co. grew its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC purchased a new position in shares of Marvell Technology during the third quarter worth approximately $37,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.