Marvell Technology (NASDAQ:MRVL) Shares Down 1.2%

Marvell Technology, Inc. (NASDAQ:MRVL) shares were down 1.2% on Friday . The stock traded as low as $73.76 and last traded at $74.00. Approximately 1,502,193 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 12,456,640 shares. The stock had previously closed at $74.88.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MRVL shares. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. B. Riley upped their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Roth Mkm restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, KeyCorp upped their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Two research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 2.2 %

The firm has a market capitalization of $63.41 billion, a PE ratio of -65.49, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company’s 50-day simple moving average is $68.19 and its 200 day simple moving average is $69.81. 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 announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm posted $0.18 EPS. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is currently -21.24%.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction on Monday, June 24th. The shares were acquired at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the transaction, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders sold 160,000 shares of company stock valued at $11,878,785 in the last three months. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently bought and sold shares of the business. Tlwm grew its stake in shares of Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after purchasing an additional 136 shares during the period. Bruce G. Allen Investments LLC grew its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. Trueblood Wealth Management LLC grew its stake in Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after acquiring an additional 152 shares during the period. Edmond DE Rothschild Holding S.A. grew its stake in Marvell Technology by 0.5% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock valued at $1,855,000 after acquiring an additional 162 shares during the period. Finally, Sheaff Brock Investment Advisors LLC grew its stake in Marvell Technology by 0.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock valued at $3,143,000 after acquiring an additional 168 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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.