Marvell Technology (NASDAQ:MRVL) Trading Down 1.3% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares dropped 1.3% on Friday . The company traded as low as $68.44 and last traded at $69.56. Approximately 2,834,348 shares were traded during trading, a decline of 77% from the average daily volume of 12,581,706 shares. The stock had previously closed at $70.49.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research reports. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Evercore ISI boosted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Finally, Citigroup cut their price objective on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday, March 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’s stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 0.1 %

The stock has a market cap of $60.98 billion, a PE ratio of -41.44, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The stock has a 50-day moving average price of $99.94 and a two-hundred day moving average price of $93.56. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Activity

In related news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock worth $4,026,768 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MRVL. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter worth about $26,000. ORG Partners LLC raised its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Institutional investors own 83.51% of the company’s stock.

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.