Marvell Technology (NASDAQ:MRVL) Trading Down 1.3% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) was down 1.3% during mid-day trading on Friday . The stock traded as low as $68.44 and last traded at $69.56. Approximately 2,834,348 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 12,581,706 shares. The stock had previously closed at $70.49.

Analysts Set New Price Targets

Several equities analysts have issued reports on MRVL shares. Roth Capital set a $100.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. JPMorgan Chase & Co. lifted their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Finally, Bank of America cut their price target on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Down 0.1 %

The business’s 50-day moving average is $99.94 and its 200-day moving average is $93.56. The company has a market capitalization of $60.98 billion, a price-to-earnings ratio of -41.44, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in MRVL. Swedbank AB lifted its holdings in Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock worth $170,037,000 after buying an additional 23,680 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in Marvell Technology by 36.5% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 7,314 shares of the semiconductor company’s stock worth $527,000 after buying an additional 1,954 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in Marvell Technology by 1.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company’s stock worth $5,177,000 after buying an additional 1,062 shares in the last quarter. Avior Wealth Management LLC increased its position in shares of Marvell Technology by 26.2% in the 3rd quarter. Avior Wealth Management LLC now owns 1,363 shares of the semiconductor company’s stock valued at $98,000 after purchasing an additional 283 shares during the last quarter. Finally, Citizens Financial Group Inc. RI increased its position in shares of Marvell Technology by 1.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.