Marvell Technology (NASDAQ:MRVL) Stock Price Down 3.1%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded down 3.1% on Monday . The stock traded as low as $70.34 and last traded at $71.61. 5,863,814 shares changed hands during trading, a decline of 53% from the average session volume of 12,490,589 shares. The stock had previously closed at $73.87.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MRVL. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley boosted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, B. Riley increased their target price on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business has a 50-day simple moving average of $68.20 and a 200-day simple moving average of $69.63. The firm has a market capitalization of $62.24 billion, a PE ratio of -63.02, a P/E/G ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. Equities research analysts expect that Marvell Technology, Inc. will post 0.77 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, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at approximately $1,432,931.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,000 shares of company stock worth $11,878,785. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several large investors have recently bought and sold shares of MRVL. Vanguard Group Inc. lifted its position in Marvell Technology by 0.6% in the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares during the last quarter. Capital Research Global Investors lifted its position in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP boosted its stake in shares of Marvell Technology by 14.3% in the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after purchasing an additional 1,888,676 shares during the period. Janus Henderson Group PLC increased its stake in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the period. Finally, Ameriprise Financial Inc. grew its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.