Marvell Technology (NASDAQ:MRVL) Trading Down 0.7% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) was down 0.7% during trading on Wednesday following insider selling activity. The company traded as low as $72.08 and last traded at $72.29. Approximately 799,513 shares traded hands during trading, a decline of 94% from the average daily volume of 12,476,706 shares. The stock had previously closed at $72.77.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The disclosure for this sale can be found here. In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. B. Riley lifted their price objective on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. KeyCorp raised their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $64.82 billion, a PE ratio of -66.27, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The business has a 50-day moving average of $68.19 and a 200 day moving average of $69.81.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the last quarter. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Finally, Optimum Investment Advisors purchased a new position in Marvell Technology in the first quarter valued at approximately $35,000. Hedge funds and other 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.