Marvell Technology (NASDAQ:MRVL) Trading Down 4.4% Following Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price dropped 4.4% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $130.00 to $115.00. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology traded as low as $67.37 and last traded at $69.11. Approximately 14,672,685 shares were traded during mid-day trading, an increase of 15% from the average daily volume of 12,769,562 shares. The stock had previously closed at $72.28.

A number of other equities analysts have also recently commented on MRVL. Melius Research raised Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. UBS Group lifted their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Craig Hallum lifted their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Thursday. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 price objective on shares of Marvell Technology in a research report on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $121.68.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the transaction, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Brad W. Buss purchased 3,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was acquired at an average price of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of MRVL. State Street Corp increased its position in Marvell Technology by 0.3% during 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 acquiring an additional 68,893 shares during the last quarter. Invesco Ltd. increased its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Janus Henderson Group PLC increased its position in Marvell Technology by 6.9% during the fourth 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 last quarter. Wellington Management Group LLP increased its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after acquiring an additional 80,005 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

The company has a market cap of $61.30 billion, a PE ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business has a 50-day moving average of $109.13 and a 200 day moving average of $93.67.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -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.