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

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded down 0.6% during trading on Wednesday following insider selling activity. The company traded as low as $81.38 and last traded at $82.85. 1,947,189 shares changed hands during trading, a decline of 84% from the average session 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 that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $120,750.00. Following the completion of the transaction, the chief financial officer now directly owns 110,253 shares in the company, valued at $8,875,366.50. This trade represents 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 Marvell Technology stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on MRVL shares. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. The Goldman Sachs Group lifted their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Finally, KeyCorp lifted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Up 0.1 %

The firm has a market cap of $70.92 billion, a P/E ratio of -72.50, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $73.42 and a 200-day simple moving average of $70.50.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

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 paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in MRVL. Nisa Investment Advisors LLC boosted its stake in Marvell Technology by 134.1% during the third quarter. Nisa Investment Advisors LLC now owns 133,995 shares of the semiconductor company’s stock valued at $9,664,000 after buying an additional 76,745 shares during the last quarter. L. Roy Papp & Associates LLP boosted its stake in Marvell Technology by 0.5% during the third quarter. L. Roy Papp & Associates LLP now owns 107,619 shares of the semiconductor company’s stock valued at $7,762,000 after buying an additional 510 shares during the last quarter. Valley National Advisers Inc. boosted its stake in Marvell Technology by 17,168.3% during the third quarter. Valley National Advisers Inc. now owns 25,039 shares of the semiconductor company’s stock valued at $1,805,000 after buying an additional 24,894 shares during the last quarter. Frank Rimerman Advisors LLC bought a new position in Marvell Technology during the third quarter valued at approximately $213,000. Finally, Smith Salley Wealth Management purchased a new stake in Marvell Technology during the third quarter valued at approximately $12,054,000. 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.