Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.2% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) traded down 1.2% during mid-day trading on Friday after an insider sold shares in the company. The company traded as low as $63.62 and last traded at $64.41. 4,130,835 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 13,969,956 shares. The stock had previously closed at $65.20.

Specifically, CAO Panteha Dixon sold 1,239 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.01, for a total transaction of $80,547.39. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 sale, the chief financial officer now owns 122,848 shares of the company’s stock, valued at approximately $7,954,408. This represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In related news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer now owns 92,065 shares in the company, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. TD Cowen dropped their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Stifel Nicolaus lowered their price target on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a report on Thursday, March 6th. Finally, KeyCorp lowered their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $111.27.

Marvell Technology Stock Performance

The stock has a market capitalization of $55.08 billion, a P/E ratio of -37.51, a P/E/G ratio of 1.61 and a beta of 1.83. The stock has a 50 day moving average of $60.36 and a 200 day moving average of $88.68. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid 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 yield of 0.38%. Marvell Technology’s payout ratio is currently -23.53%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter worth $26,000. Hughes Financial Services LLC bought a new position in shares of Marvell Technology in the first quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology in the fourth quarter worth $27,000. Rossby Financial LCC bought a new position in shares of Marvell Technology in the first quarter worth $27,000. Finally, Financial Connections Group Inc. grew its stake in shares of 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 purchasing an additional 388 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

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.