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

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) fell 6.8% 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 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 Marvell Technology stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, 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 the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the transaction, the executive vice president now owns 97,244 shares of the company’s stock, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Bank of America raised their price target on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Citigroup upped their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Barclays upped their target price on shares of Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC raised their price target on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Stock Down 6.2 %

The firm’s 50-day simple moving average is $91.79 and its two-hundred day simple moving average is $77.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market capitalization of $91.10 billion, a price-to-earnings ratio of -61.93, a price-to-earnings-growth ratio of 3.72 and a beta of 1.46.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. 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

A number of institutional investors have recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its position in shares of Marvell Technology by 41.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 11,561 shares of the semiconductor company’s stock worth $808,000 after buying an additional 3,410 shares in the last quarter. Atria Wealth Solutions Inc. lifted its holdings in shares of Marvell Technology by 11.8% in the second quarter. Atria Wealth Solutions Inc. now owns 43,734 shares of the semiconductor company’s stock valued at $3,057,000 after purchasing an additional 4,604 shares in the last quarter. Fifth Third Wealth Advisors LLC grew its position in shares of Marvell Technology by 64.9% in the second quarter. Fifth Third Wealth Advisors LLC now owns 5,360 shares of the semiconductor company’s stock valued at $375,000 after purchasing an additional 2,110 shares during the last quarter. &PARTNERS grew its holdings in Marvell Technology by 137.8% during the 2nd quarter. &PARTNERS now owns 14,715 shares of the semiconductor company’s stock valued at $1,029,000 after buying an additional 8,526 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Marvell Technology by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 68,800 shares of the semiconductor company’s stock worth $4,809,000 after acquiring an additional 1,000 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.