Marvell Technology (NASDAQ:MRVL) Shares Gap Down Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares gapped down prior to trading on Tuesday following insider selling activity. The stock had previously closed at $62.56, but opened at $60.95. Marvell Technology shares last traded at $60.47, with a volume of 3,859,745 shares changing hands.

Specifically, EVP Mark Casper sold 626 shares of the stock in a transaction that occurred 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 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 position. The sale was disclosed in a filing with the SEC, 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 transaction, the chief accounting officer now directly owns 30,855 shares in the company, valued at approximately $2,005,883.55. This trade represents a 3.86% decrease in their position. The disclosure for this sale can be found here. In other Marvell Technology 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 value of $97,125.00. Following the completion of the transaction, the chief financial officer now directly owns 122,848 shares of the company’s stock, valued at approximately $7,954,408. The trade was a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Cantor Fitzgerald lowered Marvell Technology from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $60.00 in a research report on Wednesday, May 7th. UBS Group dropped their price objective on Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Monday. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Stifel Nicolaus dropped their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $110.69.

Marvell Technology Stock Down 3.4%

The stock has a market cap of $52.18 billion, a P/E ratio of -35.52, a PEG ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock’s fifty day simple moving average is $60.22 and its 200-day simple moving average is $88.63.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently bought and sold shares of the business. Merit Financial Group LLC raised its position in shares of Marvell Technology by 57.5% during the fourth quarter. Merit Financial Group LLC now owns 9,432 shares of the semiconductor company’s stock valued at $1,042,000 after buying an additional 3,443 shares during the last quarter. Sanibel Captiva Trust Company Inc. bought a new position in shares of Marvell Technology in the fourth quarter worth about $253,000. Premier Path Wealth Partners LLC bought a new position in Marvell Technology in the fourth quarter valued at approximately $259,000. HB Wealth Management LLC increased its position in shares of Marvell Technology by 3.2% in the 4th quarter. HB Wealth Management LLC now owns 15,497 shares of the semiconductor company’s stock valued at $1,712,000 after buying an additional 475 shares in the last quarter. Finally, Ameritas Advisory Services LLC lifted its holdings in shares of Marvell Technology by 246.2% in the fourth quarter. Ameritas Advisory Services LLC now owns 11,431 shares of the semiconductor company’s stock valued at $1,263,000 after purchasing an additional 8,129 shares in the last quarter. 83.51% of the stock is currently 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.