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

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price gapped down prior to trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $130.00 to $115.00. The stock had previously closed at $90.14, but opened at $74.08. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology shares last traded at $74.72, with a volume of 16,240,457 shares.

MRVL has been the topic of several other research reports. B. Riley increased their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Cantor Fitzgerald raised their target price on Marvell Technology from $120.00 to $135.00 and gave the company an "overweight" rating in a report on Wednesday, December 4th. Melius initiated coverage on Marvell Technology in a research report on Monday, January 27th. They set a "buy" rating and a $188.00 price target for the company. Susquehanna increased their price target on Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a research report on Wednesday, December 4th. Finally, Piper Sandler decreased their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Thursday. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $121.68.

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Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 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 value of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares of the company's stock, valued at $2,791,778. This represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in the business. State Street Corp boosted its stake in Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company's stock valued at $1,438,336,000 after buying an additional 68,893 shares during the period. Invesco Ltd. boosted its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the period. Janus Henderson Group PLC lifted its stake in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the last quarter. Wellington Management Group LLP lifted its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after purchasing an additional 80,005 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a 50 day simple moving average of $108.27 and a 200-day simple moving average of $94.00. The stock has a market cap of $61.30 billion, a P/E ratio of -41.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date was Friday, January 10th. Marvell Technology's dividend payout ratio (DPR) is currently -23.53%.

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.