Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.4%

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) dropped 1.4% on Tuesday . The stock traded as low as $70.60 and last traded at $71.08. Approximately 2,803,849 shares changed hands during trading, a decline of 77% from the average daily volume of 12,419,878 shares. The stock had previously closed at $72.12.

Analyst Ratings Changes

A number of brokerages recently issued reports on MRVL. Rosenblatt Securities upped their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Down 1.2 %

The firm has a market cap of $61.65 billion, a PE ratio of -62.90, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. The business has a 50-day moving average price of $68.40 and a two-hundred day moving average price of $69.58. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the company earned $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity

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

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently made changes to their positions in the company. Tlwm increased its position in Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after buying an additional 136 shares during the period. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the last quarter. Trueblood Wealth Management LLC boosted its stake in Marvell Technology by 3.2% during the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after purchasing an additional 152 shares during the period. Sheaff Brock Investment Advisors LLC grew its position in Marvell Technology by 0.4% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after purchasing an additional 168 shares during the last quarter. Finally, Pathway Financial Advisers LLC increased its stake in Marvell Technology by 1.2% in the second quarter. Pathway Financial Advisers LLC now owns 14,601 shares of the semiconductor company’s stock valued at $1,019,000 after purchasing an additional 169 shares during the period. 83.51% of the stock is 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.