Marvell Technology (NASDAQ:MRVL) Shares Gap Down – What’s Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) gapped down prior to trading on Tuesday . The stock had previously closed at $113.56, but opened at $107.88. Marvell Technology shares last traded at $109.52, with a volume of 4,282,562 shares.

Analysts Set New Price Targets

MRVL has been the subject of a number of analyst reports. Melius initiated coverage on shares of Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Citigroup raised their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Benchmark reaffirmed a “buy” rating and set a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Loop Capital raised their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Stock Down 3.5 %

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 fifty day moving average of $112.15 and a two-hundred day moving average of $87.97. The company has a market cap of $94.82 billion, a PE ratio of -64.31, a price-to-earnings-growth ratio of 3.71 and a beta of 1.40.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s payout ratio is presently -14.12%.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $4,361,430 over the last three months. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds have recently modified their holdings of the company. Quarry LP acquired a new position in shares of Marvell Technology during the second quarter valued at about $32,000. Sanctuary Advisors LLC acquired a new position in shares of Marvell Technology during the 2nd quarter worth approximately $3,665,000. Handelsbanken Fonder AB grew its position in shares of Marvell Technology by 1.3% in the third quarter. Handelsbanken Fonder AB now owns 303,119 shares of the semiconductor company’s stock valued at $21,861,000 after purchasing an additional 3,930 shares during the period. GAMMA Investing LLC boosted its holdings in Marvell Technology by 13.7% in the 3rd quarter. GAMMA Investing LLC now owns 7,333 shares of the semiconductor company’s stock worth $529,000 after buying an additional 882 shares during the last quarter. Finally, Azzad Asset Management Inc. ADV increased its position in shares of Marvell Technology by 2.2% during the third quarter. Azzad Asset Management Inc. ADV now owns 15,873 shares of the semiconductor company’s stock worth $1,145,000 after purchasing an additional 346 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.