Marvell Technology (NASDAQ:MRVL) Stock Price Down 3.2% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares dropped 3.2% on Tuesday after an insider sold shares in the company. The company traded as low as $67.76 and last traded at $68.12. Approximately 2,810,117 shares changed hands during trading, a decline of 78% from the average daily volume of 12,635,969 shares. The stock had previously closed at $70.40.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the sale, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

MRVL has been the topic of several recent analyst reports. Raymond James set a $110.00 price target on Marvell Technology in a research report on Thursday, March 6th. B. Riley upped their price target on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Evercore ISI upped their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Stifel Nicolaus dropped their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Finally, Craig Hallum upped their price target on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

The firm has a 50 day moving average of $100.89 and a two-hundred day moving average of $93.72. The stock has a market cap of $60.46 billion, a P/E ratio of -41.06, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Institutional Trading of Marvell Technology

Several hedge funds have recently added to or reduced their stakes in MRVL. True Wealth Design LLC boosted its stake in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC boosted its stake in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC bought a new stake in Marvell Technology during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC acquired a new position in Marvell Technology in the 4th quarter valued at approximately $33,000. Institutional investors own 83.51% of the company’s stock.

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.