Marvell Technology (NASDAQ:MRVL) Stock Price Drops 2.3% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) experienced a decline of 2.3% in its stock price on Monday. The stock hit a low of $109.78 before closing at $110.96. This trading session saw around 1,536,286 shares exchange hands, significantly lower than the average daily volume of 12,586,775 shares. The previous closing price for the stock was $113.62.

Analyst Upgrades and Downgrades

Several financial research firms have recently analyzed Marvell Technology's shares. StockNews.com has upgraded the stock from a "sell" rating to a "hold" rating as of December 2nd. Oppenheimer also raised its price target for the shares from $110.00 to $125.00, giving it an "outperform" rating in a report published on December 4th. Another firm, Piper Sandler, reiterated an "overweight" rating with a target price increase from $100.00 to $120.00. Loop Capital adjusted its price target upward from $95.00 to $110.00 while maintaining a "hold" rating. Barclays increased its price target from $85.00 to $115.00 and rated the stock as "overweight" in its latest research note. Overall, MarketBeat reports indicate that three analysts have a hold rating on the stock, while twenty-four others rate it a buy, leading to an average rating of "Moderate Buy" and a consensus target price of $119.76.

Marvell Technology Stock Performance

Marvell Technology currently has a market capitalization of approximately $97.57 billion. Its price-to-earnings ratio is -66.33, and its PEG ratio stands at 4.03. The beta value of the stock is 1.46, indicating its volatility compared to the market. Recent moving averages show a 50-day average of $97.45 and a 200-day average of $79.91. Additionally, the company’s debt-to-equity ratio is 0.30, and it has a quick ratio of 1.11, as well as a current ratio of 1.60.

Marvell Technology Dividend Announcement

The company has recently announced a quarterly dividend, which is set to be paid on January 30th. Shareholders recorded as of January 10th will receive a payment of $0.06 per share, with the ex-dividend date also on January 10th. This translates to an annualized dividend of $0.24, resulting in a dividend yield of 0.21%. The company's payout ratio currently stands at -14.12%.

Insider Transactions at Marvell Technology

In recent insider trading activities, Executive Vice President Mark Casper sold 2,500 shares of stock on October 1st at an average price of $70.83, yielding a total value of $177,075. Following this transaction, Casper held 22,494 shares valued at approximately $1,593,250. Additionally, CFO Willem A. Meintjes sold 1,500 shares on December 16th for an average price of $122.50, totaling $183,750. After this sale, he retained 112,711 shares worth about $13,807,097. Insider sales totaled 175,000 shares, valued at $14,444,745 over the last quarter, representing 0.33% of the company's stock owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Recent activities from hedge funds indicate a mix of buying and selling in Marvell Technology stocks. State Street Corp increased its holdings by 0.3% in the third quarter, now possessing 19,943,655 shares valued at approximately $1.44 billion after buying an additional 68,893 shares. Ameriprise Financial also expanded its stake by 24.1% in the second quarter, acquiring an additional 2,254,610 shares to hold a total of 11,623,872 shares, worth around $812 million. Geode Capital Management raised its stake by 2.0%, now owning 11,388,139 shares valued at $818.9 million. Heinz Management Group has seen similar increases, holding now 8,694,320 shares worth $627 million. Hedge funds collectively own roughly 83.51% of Marvell Technology's stock.

Marvell Technology Company Profile

Marvell Technology, Inc. and its subsidiaries are focused on providing semiconductor solutions for data infrastructure, covering from the core of data centers to network edges. They develop and enhance complex System-on-Chip architectures that combine analog, mixed-signal, and digital signal processing functionalities.

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