Marvell Technology (NASDAQ:MRVL) Trading Down 0.4% Following Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 0.4% during trading on Friday after Stifel Nicolaus lowered their price target on the stock from $115.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology traded as low as $50.79 and last traded at $51.70. Approximately 12,265,764 shares traded hands during trading, a decline of 9% from the average daily volume of 13,505,006 shares. The stock had previously closed at $51.93.

A number of other equities analysts have also recently commented on MRVL. Piper Sandler decreased their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. The Goldman Sachs Group lifted 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. TD Cowen reduced their target price on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Bank of America lowered their price target on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, KeyCorp reduced their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three 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, the company presently has an average rating of “Moderate Buy” and an average price target of $116.41.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the sale, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 20,930 shares of company stock valued at $1,999,038. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently modified their holdings of the company. ORG Partners LLC grew its stake in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the period. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at $27,000. Kieckhefer Group LLC purchased a new position in Marvell Technology during the fourth quarter worth about $33,000. Finally, Financial Life Planners acquired a new stake in Marvell Technology in the 4th quarter worth about $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Down 0.4 %

The firm has a fifty day simple moving average of $73.72 and a 200 day simple moving average of $91.24. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $44.78 billion, a PE ratio of -30.41, a PEG ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.46%. Marvell Technology’s payout ratio is -23.53%.

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.