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

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

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

Analyst Upgrades and Downgrades

MRVL has been the topic of several analyst reports. KeyCorp lifted their target price 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. Rosenblatt Securities boosted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. B. Riley lifted their target price on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

The stock’s 50-day moving average price is $68.20 and its 200 day moving average price is $69.77. 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 market cap of $62.57 billion, a P/E ratio of -63.97, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

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

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently modified their holdings of MRVL. Janney Montgomery Scott LLC raised its stake in shares of Marvell Technology by 27.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock valued at $2,539,000 after purchasing an additional 8,938 shares in the last quarter. Level Four Advisory Services LLC raised its stake in Marvell Technology by 15.7% during the fourth quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock worth $496,000 after acquiring an additional 1,116 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Marvell Technology by 8.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 95,589 shares of the semiconductor company’s stock valued at $5,765,000 after acquiring an additional 7,627 shares during the period. Independent Advisor Alliance boosted its stake in shares of Marvell Technology by 18.3% in the 4th quarter. Independent Advisor Alliance now owns 12,890 shares of the semiconductor company’s stock valued at $777,000 after purchasing an additional 1,995 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Marvell Technology by 5.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock worth $3,620,000 after purchasing an additional 3,109 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

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.