Marvell Technology (NASDAQ:MRVL) Downgraded by StockNews.com to “Sell”

StockNews.com lowered shares of Marvell Technology (NASDAQ:MRVL) from a hold rating to a sell rating in a report published on Wednesday morning.

Several other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their target price on Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Craig Hallum upped their price target on Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Citigroup raised their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, UBS Group upped their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Price Performance

NASDAQ MRVL opened at $110.45 on Wednesday. The company has a market cap of $95.57 billion, a P/E ratio of -64.97, a P/E/G ratio of 4.03 and a beta of 1.46. Marvell Technology has a 1 year low of $53.19 and a 1 year high of $126.15. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a fifty day simple moving average of $99.16 and a 200 day simple moving average of $80.65.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. Marvell Technology’s dividend payout ratio is -14.12%.

Insider Buying and Selling at Marvell Technology

In related news, CEO Matthew J. Murphy purchased 13,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This trade represents a 6.22 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the completion of the sale, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,500 shares of company stock worth $14,267,670. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the company. Davidson Kempner Capital Management LP grew its position in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after buying an additional 52,365 shares during the period. Braun Stacey Associates Inc. acquired a new stake in Marvell Technology during the 3rd quarter worth $16,435,000. Charles Schwab Investment Management Inc. raised its position in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after acquiring an additional 66,654 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its stake in shares of Marvell Technology by 23.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock valued at $206,418,000 after purchasing an additional 535,203 shares during the period. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Marvell Technology in the 3rd quarter valued at $3,432,000. 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.