Marvell Technology (NASDAQ:MRVL) Shares Down 5.5% Following Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares dropped 5.5% on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $100.00 to $85.00. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Marvell Technology traded as low as $58.61 and last traded at $60.25. Approximately 17,658,395 shares traded hands during trading, an increase of 22% from the average daily volume of 14,421,715 shares. The stock had previously closed at $63.73.

A number of other equities analysts also recently weighed in on MRVL. UBS Group lowered their target price on shares of Marvell Technology from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research report on Friday. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Citigroup lowered their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Summit Insights downgraded Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average target price of $94.21.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on 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 sale, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at $7,818,537.36. This trade represents a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 626 shares of the firm's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter valued at about $26,000. Hughes Financial Services LLC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the 4th quarter valued at approximately $27,000. Rossby Financial LCC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $27,000. Finally, Financial Connections Group Inc. grew its stake in Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after buying an additional 388 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

The firm has a market capitalization of $51.21 billion, a PE ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. 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 $58.72 and its two-hundred day moving average is $86.86.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The business's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 EPS. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was 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.