Marvell Technology (NASDAQ:MRVL) Shares Down 8.5% – Time to Sell?

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price dropped 8.5% during trading on Thursday . The company traded as low as $57.63 and last traded at $57.87. Approximately 5,140,751 shares were traded during trading, a decline of 60% from the average daily volume of 12,912,827 shares. The stock had previously closed at $63.23.

Analyst Ratings Changes

A number of brokerages recently weighed in on MRVL. Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Morgan Stanley reduced their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. Oppenheimer boosted their target price on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

The stock has a market capitalization of $48.19 billion, a price-to-earnings ratio of -32.73, a PEG ratio of 1.61 and a beta of 1.42. The company’s 50-day simple moving average is $90.32 and its 200-day simple moving average is $93.37. 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 declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.43%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the company’s 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 approximately $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,185 shares of company stock worth $3,744,268 over the last ninety days. 0.33% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Several large investors have recently modified their holdings of the stock. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter valued at $26,000. ORG Partners LLC grew its stake 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 valued at $26,000 after buying an additional 149 shares during the period. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at about $27,000. Kieckhefer Group LLC acquired a new position in Marvell Technology during the 4th quarter worth approximately $33,000. Finally, Financial Life Planners acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.