Marvell Technology (NASDAQ:MRVL) Trading Down 0% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was down 0% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $114.84 and last traded at $116.20. Approximately 2,433,162 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 9,802,925 shares. The stock had previously closed at $116.23.

Specifically, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the sale, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This trade represents a 13.90 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MRVL shares. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Bank of America boosted their price objective on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. JPMorgan Chase & Co. increased their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Oppenheimer lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Citigroup upped their price objective on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $121.28.

Marvell Technology Stock Performance

The company has a market capitalization of $98.92 billion, a P/E ratio of -67.25, a PEG ratio of 4.03 and a beta of 1.41. The stock’s fifty day moving average price is $103.34 and its 200-day moving average price is $82.45. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s dividend payout ratio is -14.12%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State Street Corp raised its holdings in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after acquiring an additional 68,893 shares during the period. Ameriprise Financial Inc. grew its position in shares of 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 during the last quarter. Geode Capital Management LLC increased its stake in shares of Marvell Technology by 2.0% during the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP lifted its holdings in Marvell Technology by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp boosted its stake in Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares during the period. 83.51% of the stock is currently 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.