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

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded down 2.1% during trading 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. 4,243,769 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 13,428,875 shares. The stock had previously closed at $52.81.

Several other equities research analysts have also recently commented on MRVL. Wells Fargo & Company reissued an "overweight" rating on shares of Marvell Technology in a report on Thursday, March 6th. Bank of America decreased their target price on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a research report on Thursday, January 9th. Benchmark reissued a "buy" rating and set a $135.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, TD Cowen reduced their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Three equities research 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. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $119.48.

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Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 7,755 shares of the firm's stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,185 shares of company stock valued at $3,131,018. Corporate insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in MRVL. AAFMAA Wealth Management & Trust LLC lifted its position in shares of Marvell Technology by 38.2% in the 1st quarter. AAFMAA Wealth Management & Trust LLC now owns 11,141 shares of the semiconductor company's stock worth $686,000 after purchasing an additional 3,077 shares during the period. Gateway Investment Advisers LLC grew its holdings in Marvell Technology by 4.1% during the 1st quarter. Gateway Investment Advisers LLC now owns 87,520 shares of the semiconductor company's stock worth $5,389,000 after acquiring an additional 3,456 shares during the period. Independence Bank of Kentucky lifted its stake in shares of Marvell Technology by 78.8% in the 1st quarter. Independence Bank of Kentucky now owns 2,325 shares of the semiconductor company's stock valued at $143,000 after purchasing an additional 1,025 shares during the period. Tealwood Asset Management Inc. acquired a new position in shares of Marvell Technology during the 1st quarter valued at $1,319,000. Finally, Procyon Advisors LLC increased its holdings in shares of Marvell Technology by 7.2% during the first quarter. Procyon Advisors LLC now owns 8,323 shares of the semiconductor company's stock valued at $512,000 after acquiring an additional 556 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

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 $46.24 billion, a P/E ratio of -31.41, a PEG ratio of 1.61 and a beta of 1.78. The company's 50-day simple moving average is $79.86 and its 200 day simple moving average is $92.05.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.45%. Marvell Technology's dividend payout ratio is presently -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.