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

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) gapped down prior to trading 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 trading hands.

Several other analysts also recently issued reports on MRVL. The Goldman Sachs Group upped their price objective on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research report on Friday, January 10th. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Piper Sandler decreased their price target on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Thursday. Craig Hallum boosted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, Morgan Stanley reduced their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday. Three 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 stock. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $121.68.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following 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 position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock valued at $4,330,980 over the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Castle Rock Wealth Management LLC increased its holdings in Marvell Technology by 165.8% during the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock worth $1,734,000 after purchasing an additional 10,157 shares during the last quarter. Total Wealth Planning & Management Inc. acquired a new stake in shares of Marvell Technology during the fourth quarter worth approximately $824,000. Menard Financial Group LLC bought a new stake in shares of Marvell Technology in the fourth quarter worth $669,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Marvell Technology in the fourth quarter valued at $105,450,000. Finally, Chelsea Counsel Co. bought a new position in Marvell Technology during the 4th quarter valued at $44,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Performance

The company’s fifty day simple moving average is $110.00 and its two-hundred day simple moving average is $93.82. The company has a market capitalization of $62.54 billion, a price-to-earnings ratio of -42.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Marvell Technology Company Profile

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.