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

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) fell 4.4% 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. 14,672,685 shares changed hands during trading, an increase of 15% from the average session volume of 12,769,562 shares. The stock had previously closed at $72.28.

Several other research firms have also recently weighed in on MRVL. KeyCorp decreased their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday. Needham & Company LLC reduced their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday. Loop Capital raised Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Thursday. Morgan Stanley reduced their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday. Finally, Susquehanna lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $121.68.

Insider Activity

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’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 completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in MRVL. True Wealth Design LLC boosted its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC lifted its holdings in shares of 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 buying an additional 149 shares during the period. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at $27,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $33,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Down 4.6 %

The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average is $109.13 and its two-hundred day moving average is $93.67. The company has a market capitalization of $59.67 billion, a PE ratio of -40.65, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio 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.