Marvell Technology (NASDAQ:MRVL) Stock Price Down 1.5% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares were down 1.5% during trading on Tuesday after an insider sold shares in the company. The company traded as low as $115.25 and last traded at $117.28. Approximately 3,307,964 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 9,746,353 shares. The stock had previously closed at $119.01.

Specifically, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Susquehanna upped their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Cantor Fitzgerald lifted their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. B. Riley increased their target price on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Morgan Stanley increased their price objective on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Finally, The Goldman Sachs Group increased their target price on shares of Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.64.

Marvell Technology Price Performance

The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $102.70 billion, a price-to-earnings ratio of -69.82, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The stock’s 50-day moving average price is $101.24 and its 200-day moving average price is $81.64.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC grew its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the period. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter valued at about $32,000. Whittier Trust Co. raised its position in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the period. Finally, Goodman Advisory Group LLC acquired a new position in Marvell Technology during the third quarter valued at approximately $37,000. 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.