Marvell Technology (NASDAQ:MRVL) Shares Down 3.1% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price dropped 3.1% on Tuesday after an insider sold shares in the company. The stock traded as low as $59.80 and last traded at $60.63. Approximately 7,687,299 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 14,038,533 shares. The stock had previously closed at $62.56.

Specifically, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president now directly owns 626 shares in the company, valued at approximately $38,248.60. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the completion of the sale, the chief accounting officer now owns 30,855 shares of the company’s stock, valued at approximately $2,005,883.55. This represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $64.75, for a total value of $97,125.00. Following the completion of the sale, the chief financial officer now directly owns 122,848 shares in the company, valued at approximately $7,954,408. This represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

MRVL has been the subject of several recent research reports. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Piper Sandler lowered their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Stifel Nicolaus lowered their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Citigroup lowered their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Four research 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. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $110.69.

Marvell Technology Stock Down 2.1%

The firm has a market capitalization of $51.92 billion, a price-to-earnings ratio of -35.36, a P/E/G ratio of 1.61 and a beta of 1.83. The stock has a 50 day moving average of $59.90 and a 200 day moving average of $88.24. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently bought and sold shares of the business. Centricity Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth about $26,000. Hughes Financial Services LLC bought a new position in Marvell Technology in the first quarter worth about $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth about $27,000. Rossby Financial LCC bought a new position in Marvell Technology in the first quarter worth about $27,000. Finally, Financial Connections Group Inc. lifted its holdings in Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after acquiring an additional 388 shares during the last quarter. 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.