Marvell Technology (NASDAQ:MRVL) Shares Down 0.6% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was down 0.6% on Thursday . The company traded as low as $80.97 and last traded at $81.18. Approximately 4,058,252 shares traded hands during trading, a decline of 67% from the average daily volume of 12,366,262 shares. The stock had previously closed at $81.68.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MRVL shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI increased their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Barclays raised their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Bank of America raised their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Trading Down 2.2 %

The firm has a market cap of $69.17 billion, a price-to-earnings ratio of -71.84, a PEG ratio of 3.17 and a beta of 1.45. The company has a 50-day moving average price of $70.72 and a 200 day moving average price of $70.04. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its 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 positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.18 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal 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 0.30%. Marvell Technology’s dividend payout ratio is -21.24%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. 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 ninety days, insiders sold 103,500 shares of company stock worth $7,650,465. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the 1st quarter worth $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the 2nd quarter worth $32,000. Quarry LP acquired a new position in Marvell Technology in the 2nd quarter worth $32,000. Finally, Optimum Investment Advisors bought a new stake in Marvell Technology during the 1st quarter worth about $35,000. 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.