Marvell Technology (NASDAQ:MRVL) Shares Gap Down on Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped down before the market opened on Thursday after Stifel Nicolaus lowered their price target on the stock from $130.00 to $115.00. The stock had previously closed at $90.14, but opened at $74.08. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology shares last traded at $74.72, with a volume of 16,240,457 shares traded.

A number of other brokerages also recently commented on MRVL. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Oppenheimer lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Benchmark reiterated a “buy” rating and issued a $135.00 price objective on shares of Marvell Technology in a report on Thursday. TD Cowen decreased their target price on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday. Finally, Morgan Stanley lowered their price target on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $121.68.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at $2,791,778. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock worth $4,330,980 in the last three months. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp lifted its stake in shares of Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the period. Invesco Ltd. increased its holdings in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after acquiring an additional 857,087 shares during the period. Wellington Management Group LLP boosted its stake in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after acquiring an additional 80,005 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Down 19.8 %

The firm has a 50 day moving average of $110.00 and a two-hundred day moving average of $93.82. The stock has a market capitalization of $62.54 billion, a PE ratio of -42.52, a P/E/G ratio of 1.61 and a beta of 1.40. 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 firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

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.