Melius Downgrades Marvell Technology (NASDAQ:MRVL) to Hold

Marvell Technology (NASDAQ:MRVL) was downgraded by investment analysts at Melius from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Marketbeat Ratings reports. They presently have a $66.00 price target on the semiconductor company’s stock. Melius’ price target suggests a potential upside of 8.75% from the stock’s current price.

MRVL has been the subject of several other reports. Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. UBS Group lowered their target price on shares of Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Needham & Company LLC lowered their target price on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. KeyCorp lowered their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Six research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $104.52.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $60.69 on Thursday. The firm has a market cap of $52.43 billion, a price-to-earnings ratio of -35.70, a PEG ratio of 1.61 and a beta of 1.83. The company’s 50 day moving average is $59.58 and its 200 day moving average is $87.90. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48.

Insiders Place Their Bets

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly 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 document filed with the SEC, which is available at the SEC website. Also, Director Brad W. Buss bought 3,000 shares of the stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Diversify Advisory Services LLC boosted its holdings in shares of Marvell Technology by 16.8% in the fourth quarter. Diversify Advisory Services LLC now owns 3,743 shares of the semiconductor company’s stock valued at $428,000 after acquiring an additional 538 shares in the last quarter. Ballentine Partners LLC boosted its holdings in shares of Marvell Technology by 7.3% in the fourth quarter. Ballentine Partners LLC now owns 6,470 shares of the semiconductor company’s stock valued at $715,000 after acquiring an additional 439 shares in the last quarter. Simon Quick Advisors LLC boosted its holdings in shares of Marvell Technology by 9.7% in the fourth quarter. Simon Quick Advisors LLC now owns 3,131 shares of the semiconductor company’s stock valued at $346,000 after acquiring an additional 276 shares in the last quarter. Dakota Wealth Management lifted its stake in shares of Marvell Technology by 11.5% in the fourth quarter. Dakota Wealth Management now owns 14,100 shares of the semiconductor company’s stock valued at $1,557,000 after purchasing an additional 1,454 shares during the period. Finally, Daymark Wealth Partners LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $317,000. Hedge funds and other 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.