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

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price 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 traded.

Specifically, EVP Mark Casper sold 626 shares of the company’s stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction, the chief accounting officer now directly owns 30,855 shares of the company’s stock, valued at $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 that occurred on Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the completion of the transaction, the chief financial officer now directly 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 filing with the SEC, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on MRVL shares. Raymond James set a $110.00 price objective on Marvell Technology in a research report on Thursday, March 6th. KeyCorp reduced their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Piper Sandler reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Bank of America cut their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Four investment 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’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $110.69.

Marvell Technology Stock Performance

The firm’s 50 day simple moving average is $60.07 and its 200-day simple moving average is $88.44. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market capitalization of $53.06 billion, a price-to-earnings ratio of -36.13, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently modified their holdings of the stock. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter worth $27,000. Financial Life Planners bought a new stake in Marvell Technology in the fourth quarter worth $33,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology in the fourth quarter worth $35,000. Finally, Capital Analysts LLC boosted its holdings in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 241 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.