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

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

Other analysts also recently issued reports about the stock. Craig Hallum lifted their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a report on Monday, January 6th. Melius Research upgraded shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Morgan Stanley decreased their price objective on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. Loop Capital upgraded Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Finally, Needham & Company LLC decreased their price target on Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Three equities research 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $119.48.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were purchased at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the transaction, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,185 shares of company stock valued at $3,131,018. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Intrepid Financial Planning Group LLC increased its holdings in Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc grew its position in shares of Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares during the period. Lodestone Wealth Management LLC increased its stake in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock valued at $514,000 after acquiring an additional 93 shares in the last quarter. Valley National Advisers Inc. boosted its stake in Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock worth $2,775,000 after acquiring an additional 96 shares in the last quarter. Finally, Private Trust Co. NA grew its holdings in Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 97 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

The company has a market capitalization of $46.18 billion, a price-to-earnings ratio of -31.36, a P/E/G ratio of 1.61 and a beta of 1.78. The company has a 50 day moving average price of $78.58 and a 200 day moving average price of $92.05. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The firm 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 dividend of $0.06 per share. The ex-dividend date of this dividend 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 (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.