Marvell Technology (NASDAQ:MRVL) Trading Down 0.5% – Here’s Why

by · The Cerbat Gem

Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) 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 were traded during mid-day trading, a decline of 83% from the average session volume of 12,343,816 shares. The stock had previously closed at $73.11.

Analyst Upgrades and Downgrades

Several research firms recently commented on MRVL. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Barclays raised their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note 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 research note on Tuesday, July 9th. Two 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 stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Read Our Latest Stock Analysis on MRVL

Marvell Technology Stock Up 2.0 %

The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $65.59 billion, a PE ratio of -66.77, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The business’s 50-day moving average price is $69.60 and its 200-day moving average price is $69.88.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock valued at $8,130,685 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently modified their holdings of the stock. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its holdings in shares of Marvell Technology by 320.3% in the 3rd quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,418 shares of the semiconductor company’s stock worth $391,000 after acquiring an additional 4,129 shares in the last quarter. Sunflower Bank N.A. acquired a new position in Marvell Technology in the third quarter worth $207,000. Factory Mutual Insurance Co. grew its holdings in shares of Marvell Technology by 143.3% during the third quarter. Factory Mutual Insurance Co. now owns 148,809 shares of the semiconductor company’s stock worth $10,732,000 after purchasing an additional 87,643 shares during the last quarter. Exchange Traded Concepts LLC increased its stake in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares in the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Marvell Technology by 5.6% in the third quarter. Inspire Investing LLC now owns 3,981 shares of the semiconductor company’s stock valued at $287,000 after buying an additional 210 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

(Get Free Report)

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.

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