Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.2% on Analyst Downgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) dropped 2.2% on Monday after UBS Group lowered their price target on the stock from $110.00 to $100.00. UBS Group currently has a buy rating on the stock. Marvell Technology traded as low as $60.64 and last traded at $62.35. Approximately 5,753,428 shares changed hands during trading, a decline of 59% from the average daily volume of 14,003,992 shares. The stock had previously closed at $63.76.

Several other research firms also recently issued reports on MRVL. Wells Fargo & Company reaffirmed an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Cantor Fitzgerald downgraded shares of Marvell Technology from an "overweight" rating to a "neutral" rating and cut their target price for the company from $125.00 to $60.00 in a research note on Wednesday, May 7th. Finally, William Blair upgraded Marvell Technology to a "strong-buy" rating in a report on Wednesday, February 5th. Four analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $110.69.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer now directly owns 92,065 shares of the company's stock, valued at $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,915 shares of company stock worth $2,679,800 in the last 90 days. Corporate insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently made changes to their positions in the company. Zweig DiMenna Associates LLC increased its stake in Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock valued at $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $637,000. RFG Advisory LLC increased its position in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock worth $4,708,000 after buying an additional 2,507 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in Marvell Technology in the 4th quarter valued at $234,000. Finally, United Asset Strategies Inc. grew its position in Marvell Technology by 7.1% during the fourth quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company's stock worth $24,287,000 after buying an additional 14,547 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Price Performance

The stock has a market cap of $53.87 billion, a price-to-earnings ratio of -36.68, a P/E/G ratio of 1.61 and a beta of 1.83. The stock's 50 day simple moving average is $60.36 and its two-hundred day simple moving average is $88.78. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's payout ratio 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.

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