Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.7% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) shares were down 2.7% during trading on Thursday after an insider sold shares in the company. The company traded as low as $106.82 and last traded at $108.03. Approximately 2,212,915 shares changed hands during trading, a decline of 83% from the average daily volume of 12,725,649 shares. The stock had previously closed at $111.04.

Specifically, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the sale, the chief operating officer now directly owns 87,931 shares of the company’s stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Analyst Upgrades and Downgrades

MRVL has been the topic of several analyst reports. KeyCorp lifted their target price on shares of Marvell Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Bank of America upped their price objective on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Wells Fargo & Company raised their target price on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Morgan Stanley lowered their price target on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 28th. Finally, TD Cowen boosted their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Stock Down 2.3 %

The company’s 50-day simple moving average is $113.93 and its two-hundred day simple moving average is $91.57. The firm has a market capitalization of $93.85 billion, a P/E ratio of -63.59, a P/E/G ratio of 1.59 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a $0.06 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of MRVL. Norges Bank purchased a new position in shares of Marvell Technology in the fourth quarter valued at about $1,138,354,000. GQG Partners LLC bought a new position in Marvell Technology in the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC grew its holdings in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. 83.51% of the stock is currently owned by 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.