Marvell Technology (NASDAQ:MRVL) Stock Price Down 1% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) experienced a 1% decrease in its stock price during mid-day trading on Tuesday. The shares fell to a low of $72.00 and were last recorded at $72.04. During this trading session, about 2,128,457 shares were exchanged, marking a significant decline of 83% compared to the average daily volume of 12,600,111 shares. Before this drop, the stock had closed at $72.76.

Wall Street Analysts Forecast Growth

A number of research analysts have recently shared their thoughts on Marvell Technology's stock. Stifel Nicolaus lowered their target price from $130.00 to $115.00 but maintained a "buy" rating. Meanwhile, Cantor Fitzgerald increased their target from $120.00 to $135.00 and gave the stock an "overweight" rating. Barclays also reduced their target from $150.00 to $130.00, while TD Cowen decreased their target from $125.00 to $95.00, still rating it as a "buy." A total of three analysts consider the stock a hold, while 24 have assigned a buy rating and two have rated it as a strong buy. Overall, Marvell Technology holds an average rating of "Moderate Buy" with an average target price of $120.44, according to MarketBeat.com.

Marvell Technology Trading Down 1.9%

The company's financial metrics include a debt-to-equity ratio of 0.30 and both a current ratio and a quick ratio of 1.60 and 1.11, respectively. Marvell Technology boasts a market capitalization of $61.84 billion, with a price-to-earnings ratio of -42.08 and a price-to-earnings-growth ratio of 1.61. The stock has recently shown a fifty-day moving average of $98.21 and a 200-day moving average of $93.87.

Marvell Technology Dividend Announcement

Recently, Marvell Technology declared a quarterly dividend that is set to be paid out on Thursday, May 1st. Shareholders on record as of Friday, April 11th, will receive a dividend of $0.06 per share. This translates to an annual dividend of $0.24, yielding 0.34%. The ex-dividend date is also scheduled for Friday, April 11th. Currently, the company's payout ratio stands at -23.53%.

Insiders Place Their Bets

In recent news regarding insider transactions, EVP Mark Casper sold 2,500 shares on Thursday, January 2nd, at an average price of $113.00, totaling $282,500. Following this sale, he retained 24,706 shares valued at around $2,791,778, marking a 9.19% decrease in his ownership. Additionally, CFO Willem A. Meintjes sold 1,500 shares on January 15th at an average price of $118.33, with a total value of $177,495, resulting in a 1.33% reduction in his holdings. In the past ninety days, insiders have sold 37,685 shares worth approximately $4,026,768, holding a cumulative 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently adjusted their stakes in Marvell Technology. State Street Corp increased its investment by 0.3%, holding 19,943,655 shares valued at $1,438,336,000 after acquiring an additional 68,893 shares. Invesco Ltd. raised its position by 30.1%, owning 16,157,979 shares worth $1,784,649,000 after purchasing 3,737,705 shares. Janus Henderson Group PLC expanded its holdings by 6.9%, now owning 13,239,154 shares valued at $1,462,274,000. Additionally, Wellington Management Group LLP increased their ownership by 43.1%, now holding 12,442,302 shares valued at $1,374,252,000. Geode Capital Management LLC raised its stake by 0.7% during the fourth quarter, holding 11,468,144 shares valued at approximately $1,263,755,000. Institutional investors now possess 83.51% of Marvell Technology's stock.

Marvell Technology Company Profile

Marvell Technology, Inc. and its subsidiaries provide semiconductor solutions for data infrastructure, covering everything from data center cores to network edges. The company specializes in developing complex System-on-a-Chip architectures that integrate analog, mixed-signal, and digital signal processing functionalities.

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