Marvell Technology (NASDAQ:MRVL) Cut to “Hold” at Summit Insights

Summit Insights downgraded shares of Marvell Technology (NASDAQ:MRVL) from a buy rating to a hold rating in a report released on Thursday, MarketBeat Ratings reports.

A number of other analysts also recently weighed in on MRVL. Citigroup increased their price objective on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. William Blair raised Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Oppenheimer raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. TD Cowen upped their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, UBS Group raised their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Trading Down 2.0 %

MRVL opened at $70.84 on Thursday. 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 has a fifty-two week low of $53.19 and a fifty-two week high of $127.48. The company’s 50 day moving average price is $108.27 and its two-hundred day moving average price is $93.84. The firm has a market capitalization of $61.30 billion, a price-to-earnings ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio is -23.53%.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brad W. Buss bought 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the transaction, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 36,255 shares of company stock valued at $4,330,980 over the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares in the last quarter. ORG Partners LLC raised its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter worth $27,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth $33,000. 83.51% of the stock is owned by institutional investors.

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.