Marvell Technology (NASDAQ:MRVL) Trading Down 0.6% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) was down 0.6% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $81.38 and last traded at $82.85. Approximately 1,947,189 shares traded hands during mid-day trading, a decline of 84% from the average daily 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 shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the 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 sale, the chief financial officer now directly owns 110,253 shares in the company, valued at $8,875,366.50. This represents a 0.00 % decrease in their position. 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 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 completion of 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Down 2.9 %

The firm has a 50 day moving average price of $72.81 and a two-hundred day moving average price of $70.34. 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 $70.04 billion, a price-to-earnings ratio of -73.32, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (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 during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business earned $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. As a group, equities analysts forecast 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 given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Davidson Kempner Capital Management LP lifted its stake in Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after buying an additional 52,365 shares during the period. Diversified Trust Co bought a new position in Marvell Technology during the second quarter worth $932,000. Orion Portfolio Solutions LLC grew its holdings in Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares during the period. Ameriprise Financial Inc. increased its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after purchasing an additional 88,918 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.