Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.4% After Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) dropped 0.4% during mid-day trading on Friday after Barclays lowered their price target on the stock from $130.00 to $80.00. Barclays currently has an overweight rating on the stock. Marvell Technology traded as low as $50.79 and last traded at $51.70. Approximately 12,265,764 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 13,505,006 shares. The stock had previously closed at $51.93.

A number of other analysts also recently weighed in on the stock. Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price for the company in a research report on Thursday, March 6th. William Blair raised shares of Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. KeyCorp dropped their price objective on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Piper Sandler lowered their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Finally, Needham & Company LLC lowered their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $114.56.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,930 shares of company stock valued at $1,999,038 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Marvell Technology during the 4th quarter valued at $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology in the 4th quarter valued at about $802,410,000. Nuveen Asset Management LLC grew its holdings in shares of Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Marvell Technology by 43.1% in 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, Invesco Ltd. lifted its position 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 purchasing an additional 3,737,705 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 2.5 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a market cap of $43.84 billion, a P/E ratio of -29.78, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The stock's fifty day moving average price is $72.60 and its 200 day moving average price is $91.34.

Marvell Technology Announces Dividend

The company 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. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.47%. Marvell Technology's dividend payout ratio (DPR) is presently -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.