Marvell Technology (NASDAQ:MRVL) Shares Down 0% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares were down 0% on Wednesday . The stock traded as low as $114.84 and last traded at $116.20. Approximately 2,433,162 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 9,802,925 shares. The stock had previously closed at $116.23.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MRVL shares. B. Riley boosted their price target on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Craig Hallum raised their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday. TD Cowen boosted their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Citigroup raised their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $120.64.

Marvell Technology Stock Performance

The firm has a market capitalization of $101.56 billion, a price-to-earnings ratio of -69.04, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a 50-day moving average of $101.87 and a 200-day moving average of $81.95. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insider Activity

In other Marvell Technology news, CEO Matthew J. Murphy acquired 13,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the acquisition, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This represents a 6.22 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,000 shares of company stock valued at $14,550,170. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently made changes to their positions in the stock. Citizens Financial Group Inc. RI raised its holdings in Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after purchasing an additional 116 shares in the last quarter. Crumly & Associates Inc. raised its stake in shares of Marvell Technology by 1.5% in the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after buying an additional 121 shares in the last quarter. United Capital Management of KS Inc. lifted its holdings in shares of Marvell Technology by 0.4% in the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after buying an additional 131 shares during the period. Integrated Wealth Concepts LLC lifted its holdings in shares of Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after buying an additional 139 shares during the period. Finally, ASB Consultores LLC boosted its stake in Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after buying an additional 140 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.