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

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price gapped down before the market opened on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $100.00 to $85.00. The stock had previously closed at $63.73, but opened at $60.80. Deutsche Bank Aktiengesellschaft currently has a buy rating on the stock. Marvell Technology shares last traded at $59.09, with a volume of 7,491,629 shares traded.

Other equities analysts have also recently issued research reports about the company. Susquehanna cut their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a report on Tuesday, May 27th. Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Evercore ISI cut their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday. Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Finally, B. Riley cut their price target on Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a report on Monday, May 19th. Seven research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus target price of $94.21.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred 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 approximately $7,818,537.36. This trade represents a 1.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brad W. Buss purchased 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in Marvell Technology during the 4th quarter valued at $234,000. Prudent Investors Network Inc. bought a new stake in Marvell Technology during the 4th quarter valued at $248,000. Hudock Inc. bought a new stake in Marvell Technology during the 4th quarter valued at $265,000. Everhart Financial Group Inc. bought a new stake in Marvell Technology during the 4th quarter valued at $437,000. Finally, SYM FINANCIAL Corp bought a new stake in Marvell Technology during the 4th quarter valued at $263,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Trading Down 7.0%

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 50-day simple moving average of $58.72 and a two-hundred day simple moving average of $86.84. The firm has a market capitalization of $51.21 billion, a P/E ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) 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.