Marvell Technology (NASDAQ:MRVL) Stock Price Down 5% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) fell 5% during trading on Monday . The company traded as low as $48.69 and last traded at $49.11. 3,315,170 shares traded hands during trading, a decline of 81% from the average session volume of 17,280,639 shares. The stock had previously closed at $51.70.

Analysts Set New Price Targets

MRVL has been the subject of a number of research analyst reports. Piper Sandler dropped their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. KeyCorp dropped their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Thursday, March 6th. Citigroup dropped their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, The Goldman Sachs Group raised their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $116.41.

Marvell Technology Stock Down 6.9 %

The firm has a 50-day simple moving average of $73.72 and a 200 day simple moving average of $91.50. The company has a market capitalization of $41.69 billion, a PE ratio of -28.32, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.50%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the sale, the executive vice president now owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,930 shares of company stock valued at $1,999,038 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. ORG Partners LLC lifted its position in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Marvell Technology in the 4th quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners acquired a new position in shares of Marvell Technology during the fourth quarter worth approximately $33,000. 83.51% of the stock is currently owned by institutional investors.

About Marvell Technology

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.