Marvell Technology (NASDAQ:MRVL) Stock Price Down 6.8% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded down 6.8% during trading on Tuesday following insider selling activity. The stock traded as low as $116.12 and last traded at $116.31. 3,536,524 shares changed hands during mid-day trading, a decline of 72% from the average session 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 stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on MRVL shares. Craig Hallum raised their price objective 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. Benchmark restated a “buy” rating and issued a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Needham & Company LLC raised their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. B. Riley increased their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, KeyCorp lifted their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $119.04.

Marvell Technology Trading Down 6.2 %

The company has a 50 day moving average price of $91.79 and a two-hundred day moving average price of $77.46. The firm has a market capitalization of $91.10 billion, a price-to-earnings ratio of -61.93, a P/E/G ratio of 3.72 and a beta of 1.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The business also recently announced 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. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. True Wealth Design LLC grew its holdings in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the period. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the second quarter worth $32,000. Quarry LP purchased a new stake in Marvell Technology in the second quarter valued at $32,000. Whittier Trust Co. grew its holdings in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Marvell Technology during the third quarter valued at about $37,000. 83.51% of the stock is owned by hedge funds and other 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.