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

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price gapped down before the market opened on Thursday after Piper Sandler lowered their price target on the stock from $120.00 to $95.00. The stock had previously closed at $90.14, but opened at $74.08. Piper Sandler currently has an overweight rating on the stock. Marvell Technology shares last traded at $74.72, with a volume of 16,240,457 shares changing hands.

A number of other analysts have also recently weighed in on MRVL. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. 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. Citigroup cut their price target on Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday. Finally, KeyCorp decreased their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $122.28.

Insider Buying and Selling at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the transaction, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock valued at $4,330,980 in the last three months. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Norges Bank acquired a new stake in Marvell Technology during the fourth quarter valued at $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology during the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC grew its stake in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

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 has a market cap of $64.36 billion, a P/E ratio of -44.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.40. The firm’s 50-day moving average is $110.00 and its two-hundred day moving average is $93.82.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Friday, January 10th. Marvell Technology’s 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.