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

Marvell Technology, Inc. (NASDAQ:MRVL) 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.

MRVL has been the topic of a number of other reports. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a report on Thursday. 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. TD Cowen cut their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, UBS Group lifted their price target on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. 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.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $121.68.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 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 $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % 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 Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the transaction, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock worth $4,330,980 over the last 90 days. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Zweig DiMenna Associates LLC grew its position in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth approximately $637,000. RFG Advisory LLC increased its stake in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after purchasing an additional 2,507 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in Marvell Technology during the third quarter worth $16,435,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

The company has a market cap of $61.30 billion, a price-to-earnings ratio of -41.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The company has a fifty day simple moving average of $109.13 and a two-hundred day simple moving average of $93.67. The company has a quick ratio of 1.11, a current ratio of 1.60 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 0.34%. 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.