Marvell Technology (NASDAQ:MRVL) Shares Down 0.5% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price fell 0.5% during trading on Wednesday . The stock traded as low as $71.56 and last traded at $72.71. 2,147,049 shares changed hands during trading, a decline of 83% from the average session volume of 12,343,816 shares. The stock had previously closed at $73.11.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Rosenblatt Securities lifted their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Benchmark lifted their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 0.7 %

The firm has a market capitalization of $62.86 billion, a PE ratio of -64.35, a PEG ratio of 3.12 and a beta of 1.45. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average price of $69.30 and a two-hundred day moving average price of $69.84.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting 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 during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. Analysts expect that Marvell Technology, Inc. will post 0.78 EPS 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 given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s 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 sale, the chief financial officer now owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s 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 sale, the chief financial officer now owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares in the company, valued at $1,593,250.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 110,000 shares of company stock valued at $8,130,685 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MRVL. Schroder Investment Management Group grew its stake in shares of Marvell Technology by 161.7% in the 4th quarter. Schroder Investment Management Group now owns 236,144 shares of the semiconductor company’s stock valued at $14,242,000 after purchasing an additional 145,896 shares during the last quarter. Symmetry Investments LP grew its stake in shares of Marvell Technology by 50.6% in the 4th quarter. Symmetry Investments LP now owns 15,818 shares of the semiconductor company’s stock valued at $954,000 after purchasing an additional 5,318 shares during the last quarter. Alta Park Capital LP purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $9,453,000. Glenview Capital Management LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $10,838,000. Finally, Profund Advisors LLC raised its holdings in Marvell Technology by 16.2% during the fourth quarter. Profund Advisors LLC now owns 107,947 shares of the semiconductor company’s stock worth $6,510,000 after purchasing an additional 15,040 shares during the last quarter. Hedge funds and other 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.