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

Marvell Technology, Inc. (NASDAQ:MRVL) gapped down prior to trading on Wednesday after Bank of America lowered their price target on the stock from $120.00 to $72.00. The stock had previously closed at $53.32, but opened at $50.48. Bank of America currently has a buy rating on the stock. Marvell Technology shares last traded at $51.81, with a volume of 1,870,226 shares trading hands.

A number of other research analysts have also recently issued reports on MRVL. Melius assumed coverage on shares of Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective for the company. Morgan Stanley reduced their target price 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, March 6th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Craig Hallum raised their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus cut their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $117.70.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred 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. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,685 shares of company stock valued at $2,953,523. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the company. Zweig DiMenna Associates LLC grew its holdings in Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after acquiring an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth approximately $637,000. RFG Advisory LLC increased its holdings in Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares in the last quarter. Franchise Capital Ltd acquired a new position in Marvell Technology in the fourth quarter valued at approximately $1,476,000. Finally, United Asset Strategies Inc. boosted its holdings in shares of Marvell Technology by 7.1% during the 4th quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock worth $24,287,000 after buying an additional 14,547 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Trading Down 3.1 %

The firm’s 50-day moving average price is $77.26 and its 200 day moving average price is $91.78. The company has a market cap of $44.74 billion, a price-to-earnings ratio of -30.38, a P/E/G ratio of 1.61 and a beta of 1.78. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

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