Marvell Technology (NASDAQ:MRVL) Shares Down 0.3%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price fell 0.3% during trading on Monday . The company traded as low as $70.35 and last traded at $70.79. 1,675,037 shares were traded during trading, a decline of 87% from the average session volume of 12,431,620 shares. The stock had previously closed at $70.99.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MRVL. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Barclays boosted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Morgan Stanley increased their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Two equities research 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. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Price 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 firm has a market cap of $61.72 billion, a PE ratio of -62.65, a P/E/G ratio of 3.12 and a beta of 1.46. The business’s fifty day moving average is $68.33 and its 200-day moving average is $69.53.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the business posted $0.18 EPS. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared 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 is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. In the last ninety days, insiders sold 157,500 shares of company stock valued at $11,703,610. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently made changes to their positions in the company. Cavalry Management Group LLC purchased a new stake in shares of Marvell Technology in the 2nd quarter worth about $216,000. Greater Midwest Financial Group LLC boosted its stake in Marvell Technology by 11.1% during the second quarter. Greater Midwest Financial Group LLC now owns 21,441 shares of the semiconductor company’s stock worth $1,368,000 after acquiring an additional 2,146 shares in the last quarter. Centaurus Financial Inc. grew its holdings in Marvell Technology by 50.4% in the second quarter. Centaurus Financial Inc. now owns 9,764 shares of the semiconductor company’s stock worth $683,000 after purchasing an additional 3,273 shares during the period. Healthcare of Ontario Pension Plan Trust Fund increased its stake in shares of Marvell Technology by 2,591.4% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,339 shares of the semiconductor company’s stock valued at $5,616,000 after purchasing an additional 77,354 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of Marvell Technology during the second quarter valued at approximately $3,665,000. 83.51% of the stock is currently owned by 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.