Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.9% – Time to Sell?

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2.9% on Wednesday . The stock traded as low as $90.40 and last traded at $90.45. Approximately 955,301 shares changed hands during trading, a decline of 92% from the average daily volume of 11,964,241 shares. The stock had previously closed at $93.14.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Susquehanna lifted their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research report on Wednesday. Oppenheimer raised their price objective on Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $95.39.

Marvell Technology Trading Down 3.3 %

The company has a 50 day moving average of $81.45 and a two-hundred day moving average of $73.93. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock has a market capitalization of $79.85 billion, a PE ratio of -83.91, a P/E/G ratio of 4.01 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 EPS. Sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.27%. Marvell Technology’s payout ratio is presently -21.62%.

Insider Buying and Selling at Marvell Technology

In other news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The trade was a 2.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently bought and sold shares of the business. State Street Corp raised its holdings in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Ameriprise Financial Inc. raised its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after acquiring an additional 219,692 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.