Marvell Technology (NASDAQ:MRVL) Shares Gap Down – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) gapped down prior to trading on Tuesday . The stock had previously closed at $113.56, but opened at $107.88. Marvell Technology shares last traded at $109.52, with a volume of 4,282,562 shares trading hands.

Wall Street Analyst Weigh In

Several research firms have recently commented on MRVL. JPMorgan Chase & Co. lifted their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Benchmark restated a “buy” rating and issued a $135.00 price target (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. TD Cowen raised their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Craig Hallum raised their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Trading Down 0.6 %

The company has a market capitalization of $100.15 billion, a P/E ratio of -68.08, a P/E/G ratio of 3.71 and a beta of 1.40. The stock’s 50 day moving average is $113.00 and its 200-day moving average is $88.47. 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the company. Zweig DiMenna Associates LLC increased its holdings 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 acquiring an additional 12,700 shares during the last quarter. Berbice Capital Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at $637,000. RFG Advisory LLC increased its holdings in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after acquiring an additional 2,507 shares during the last quarter. Braun Stacey Associates Inc. bought a new stake in Marvell Technology in the 3rd quarter valued at $16,435,000. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after buying an additional 66,654 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.