Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.5% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were down 1.5% during trading on Tuesday . The stock traded as low as $71.81 and last traded at $72.63. Approximately 2,226,803 shares traded hands during trading, a decline of 82% from the average daily volume of 12,357,598 shares. The stock had previously closed at $73.72.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. KeyCorp boosted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

The stock has a market capitalization of $63.62 billion, a PE ratio of -64.27, a P/E/G ratio of 3.12 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a 50 day moving average of $69.09 and a 200-day moving average of $69.79.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Insider Activity at Marvell Technology

In other news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction 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. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 110,000 shares of company stock valued at $8,130,685. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Atomi Financial Group Inc. increased its position in Marvell Technology by 34.7% during the third quarter. Atomi Financial Group Inc. now owns 17,966 shares of the semiconductor company’s stock worth $1,296,000 after acquiring an additional 4,626 shares during the period. Dynamic Advisor Solutions LLC raised its holdings in shares of Marvell Technology by 9.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,973 shares of the semiconductor company’s stock worth $359,000 after buying an additional 418 shares in the last quarter. Foresight Capital Management Advisors Inc. boosted its stake in Marvell Technology by 6.6% in the 3rd quarter. Foresight Capital Management Advisors Inc. now owns 3,293 shares of the semiconductor company’s stock valued at $237,000 after buying an additional 203 shares in the last quarter. Parisi Gray Wealth Management grew its position in Marvell Technology by 4.2% in the third quarter. Parisi Gray Wealth Management now owns 4,161 shares of the semiconductor company’s stock valued at $300,000 after acquiring an additional 166 shares during the period. Finally, Miracle Mile Advisors LLC raised its stake in Marvell Technology by 2.5% during the third quarter. Miracle Mile Advisors LLC now owns 24,626 shares of the semiconductor company’s stock worth $1,776,000 after acquiring an additional 600 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

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.