Marvell Technology (NASDAQ:MRVL) Trading Down 3.1% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) fell 3.1% on Tuesday after an insider sold shares in the company. The company traded as low as $59.80 and last traded at $60.63. 7,687,299 shares traded hands during trading, a decline of 45% from the average session 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 dated 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 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 link. Also, CAO Panteha Dixon sold 1,239 shares of the company’s stock in a transaction that occurred 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. The trade was 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 firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $64.75, for a total transaction of $97,125.00. Following the completion of the sale, the chief financial officer now owns 122,848 shares of the company’s stock, valued at approximately $7,954,408. This trade represents a 1.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Analyst Ratings Changes

MRVL has been the topic of a number of research analyst reports. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Stifel Nicolaus decreased their price target 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 cut their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Finally, UBS Group lowered their price target on Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a report on Monday. Four research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.69.

Marvell Technology Price Performance

The company has a fifty day simple moving average of $60.22 and a 200-day simple moving average of $88.63. The company has a market cap of $52.37 billion, a P/E ratio of -35.66, 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.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a dividend of $0.06 per share. The ex-dividend date 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 is currently -23.53%.

Hedge Funds Weigh In On Marvell Technology

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