Marvell Technology (NASDAQ:MRVL) Shares Down 2.1% Following Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price dropped 2.1% on Friday after Citigroup lowered their price target on the stock from $122.00 to $96.00. Citigroup currently has a buy rating on the stock. Marvell Technology traded as low as $51.53 and last traded at $51.72. Approximately 4,243,769 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 13,428,875 shares. The stock had previously closed at $52.81.

MRVL has been the subject of several other research reports. Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Craig Hallum increased their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Roth Capital set a $100.00 price target on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.48.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 30,185 shares of company stock valued at $3,131,018 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

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

Marvell Technology Trading Up 1.0 %

The firm has a market capitalization of $46.24 billion, a P/E ratio of -31.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The stock’s 50-day simple moving average is $79.86 and its two-hundred day simple moving average is $92.05. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

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 given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s 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.