Marvell Technology (NASDAQ:MRVL) Shares Down 6.8% on Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price dropped 6.8% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $116.12 and last traded at $116.31. Approximately 3,536,524 shares changed hands during trading, a decline of 72% from the average daily volume of 12,457,563 shares. The stock had previously closed at $124.78.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. B. Riley boosted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Craig Hallum upped their target price on shares of Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. TD Cowen raised their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Loop Capital boosted their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley raised their target price on shares of Marvell Technology from $82.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.04.

Marvell Technology Price Performance

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a market cap of $91.10 billion, a PE ratio of -61.93, a P/E/G ratio of 3.72 and a beta of 1.46. The company has a fifty day moving average of $91.79 and a 200-day moving average of $77.46.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors 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 yield of 0.23%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is currently -14.12%.

Institutional Trading of Marvell Technology

Hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. raised its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd increased its holdings in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after acquiring an additional 1,911,532 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of Marvell Technology during the 3rd quarter worth about $120,116,000. Van ECK Associates Corp lifted its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in Marvell Technology in the second quarter valued at approximately $108,204,000. 83.51% of the stock is currently 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.