Marvell Technology (NASDAQ:MRVL) Shares Down 2.2% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was down 2.2% during mid-day trading on Monday after an insider sold shares in the company. The stock traded as low as $60.64 and last traded at $62.35. Approximately 5,753,428 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 14,003,992 shares. The stock had previously closed at $63.76.

Specifically, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president now owns 626 shares of the company’s stock, valued at $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,239 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the sale, the chief accounting officer now owns 30,855 shares in the company, valued at $2,005,883.55. This 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 company’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 value of $97,125.00. Following the transaction, the chief financial officer now directly owns 122,848 shares of the company’s stock, valued at $7,954,408. This represents a 1.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Melius started coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Bank of America lowered their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Stifel Nicolaus cut their price objective on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Finally, Summit Insights lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Four investment 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. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $110.69.

Marvell Technology Stock Performance

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

Marvell Technology Announces Dividend

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

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Zweig DiMenna Associates LLC boosted its position in shares of Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after purchasing an additional 12,700 shares in the last quarter. Berbice Capital Management LLC bought a new position in Marvell Technology in the fourth quarter worth approximately $637,000. RFG Advisory LLC grew its stake in Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after acquiring an additional 2,507 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $234,000. Finally, United Asset Strategies Inc. raised its position in shares of Marvell Technology by 7.1% during the fourth quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock worth $24,287,000 after purchasing an additional 14,547 shares during the period. Institutional investors 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.