Marvell Technology (NASDAQ:MRVL) Shares Down 0.8% on Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) dropped 0.8% during trading on Thursday after Stifel Nicolaus lowered their price target on the stock from $115.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology traded as low as $51.09 and last traded at $51.52. Approximately 3,472,737 shares traded hands during trading, a decline of 74% from the average daily volume of 13,456,506 shares. The stock had previously closed at $51.93.

Several other brokerages have also recently commented on MRVL. TD Cowen reduced their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. William Blair upgraded shares of Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. Melius Research raised shares of Marvell Technology to a "strong-buy" rating in a research report on Monday, January 27th. Benchmark reissued a "buy" rating and set a $135.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Craig Hallum upped their price target on Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $116.41.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 20,930 shares of company stock worth $1,999,038. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Invesco Ltd. raised 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 purchasing an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC grew its stake in Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after buying an additional 857,087 shares during the last quarter. Wellington Management Group LLP raised its stake in 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 valued at $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of 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 valued at $1,263,755,000 after acquiring an additional 80,005 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 6.3 %

The company has a market capitalization of $41.97 billion, a price-to-earnings ratio of -28.51, a PEG ratio of 1.61 and a beta of 1.78. 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 business's 50 day moving average is $73.72 and its 200 day moving average is $91.50.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.50%. The ex-dividend date is Friday, April 11th. 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.