Marvell Technology (NASDAQ:MRVL) Shares Down 0.6% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price dropped 0.6% on Wednesday following insider selling activity. The stock traded as low as $81.38 and last traded at $82.85. Approximately 1,947,189 shares changed hands during trading, a decline of 84% from the average daily volume of 12,293,674 shares. The stock had previously closed at $83.35.

Specifically, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the transaction, the chief financial officer now directly owns 110,253 shares in the company, valued at $8,875,366.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several research firms have recently issued reports on MRVL. The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. KeyCorp boosted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Barclays boosted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

The stock has a market cap of $70.04 billion, a PE ratio of -73.32, a P/E/G ratio of 3.17 and a beta of 1.45. The company has a fifty day moving average price of $72.81 and a 200 day moving average price of $70.34. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. Analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Dakota Wealth Management increased its position in shares of Marvell Technology by 2.8% during the third quarter. Dakota Wealth Management now owns 12,646 shares of the semiconductor company’s stock valued at $912,000 after buying an additional 343 shares during the period. Zweig DiMenna Associates LLC boosted its position in Marvell Technology by 2.0% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 200,821 shares of the semiconductor company’s stock valued at $14,483,000 after acquiring an additional 3,850 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Marvell Technology by 16.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,766,927 shares of the semiconductor company’s stock worth $127,431,000 after acquiring an additional 254,088 shares during the period. Hoertkorn Richard Charles bought a new position in shares of Marvell Technology in the 3rd quarter worth approximately $20,459,000. Finally, Hennion & Walsh Asset Management Inc. lifted its stake in shares of Marvell Technology by 7.1% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 12,377 shares of the semiconductor company’s stock valued at $893,000 after purchasing an additional 816 shares during the period. 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.