Marvell Technology (NASDAQ:MRVL) Trading Down 2.2% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares fell 2.2% on Monday following insider selling activity. The company traded as low as $60.64 and last traded at $62.35. 5,753,428 shares were traded during trading, a decline of 59% from the average session volume of 14,003,992 shares. The stock had previously closed at $63.76.

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

Analysts Set New Price Targets

Several analysts have weighed in on the stock. KeyCorp dropped their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Stifel Nicolaus reduced their price target on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Finally, William Blair raised shares of 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 assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.69.

Marvell Technology Price Performance

The stock’s 50-day simple moving average is $60.22 and its 200 day simple moving average is $88.63. The company has a market cap of $54.04 billion, a price-to-earnings ratio of -36.80, a PEG ratio of 1.61 and a beta of 1.83. 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 company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s payout ratio is presently -23.53%.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors have recently bought and sold shares of the company. Norges Bank acquired a new stake in Marvell Technology during the 4th quarter worth approximately $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology during the fourth quarter worth $802,410,000. Nuveen Asset Management LLC raised its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after acquiring an additional 6,543,132 shares in the last quarter. Nuveen LLC purchased a new position in Marvell Technology in the first quarter valued at $399,587,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.