Marvell Technology (NASDAQ:MRVL) Shares Down 0% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) was down 0% during trading on Wednesday . The company traded as low as $114.84 and last traded at $116.20. 2,433,162 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 9,802,925 shares. The stock had previously closed at $116.23.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MRVL. UBS Group lifted their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their target price on Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Morgan Stanley increased their price target on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, January 1st. Finally, KeyCorp lifted their price objective on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $120.64.

Marvell Technology Trading Up 1.0 %

The company has a market capitalization of $101.56 billion, a P/E ratio of -69.04, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a fifty day simple moving average of $101.87 and a two-hundred day simple moving average of $81.95. 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 announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $120,750.00. Following the sale, the chief financial officer now owns 110,253 shares of the company’s stock, valued at $8,875,366.50. This trade represents a 1.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Matthew J. Murphy purchased 13,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. The trade was a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 175,000 shares of company stock worth $14,550,170 over the last 90 days. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC grew its holdings in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the second quarter worth $32,000. Quarry LP bought a new stake in Marvell Technology in the 2nd quarter valued at $32,000. Whittier Trust Co. raised its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new position in shares of Marvell Technology during the 3rd quarter worth about $37,000. Institutional investors 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.