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

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price gapped down before the market opened on Wednesday after Bank of America lowered their price target on the stock from $120.00 to $72.00. The stock had previously closed at $53.32, but opened at $50.48. Bank of America currently has a buy rating on the stock. Marvell Technology shares last traded at $51.81, with a volume of 1,870,226 shares trading hands.

A number of other brokerages have also recently issued reports on MRVL. Morgan Stanley dropped their price target on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Loop Capital raised shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, March 6th. Roth Capital set a $100.00 price objective on Marvell Technology in a research report on Thursday, March 6th. Craig Hallum lifted their target price on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Finally, William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $117.70.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 28,685 shares of company stock valued at $2,953,523. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new position in Marvell Technology during the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology in the fourth quarter worth $802,410,000. Nuveen Asset Management LLC raised its stake in 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 valued at $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP lifted its position 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 valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. raised its position in shares of Marvell Technology by 30.1% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Down 3.1 %

The stock’s fifty day moving average is $77.26 and its 200 day moving average is $91.78. 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 stock has a market cap of $44.74 billion, a P/E ratio of -30.38, a P/E/G ratio of 1.61 and a beta of 1.78.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -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.