Marvell Technology (NASDAQ:MRVL) Shares Down 2.3% Following Insider Selling

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) traded down 2.3% during trading on Monday after an insider sold shares in the company. The stock traded as low as $72.74 and last traded at $72.74. 1,431,828 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 12,541,719 shares. The stock had previously closed at $74.48.

Specifically, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

Several brokerages have issued reports on MRVL. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Oppenheimer reiterated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Down 1.7 %

The company has a market cap of $61.93 billion, a P/E ratio of -64.27, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. 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 fifty day moving average of $68.20 and a 200 day moving average of $69.77.

Marvell Technology (NASDAQ:MRVL) last announced its 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently bought and sold shares of MRVL. Janney Montgomery Scott LLC raised its stake in shares of Marvell Technology by 27.0% in the fourth quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock worth $2,539,000 after buying an additional 8,938 shares during the period. Level Four Advisory Services LLC raised its stake in Marvell Technology by 15.7% during the 4th quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock worth $496,000 after acquiring an additional 1,116 shares during the period. Robeco Institutional Asset Management B.V. lifted its holdings in Marvell Technology by 8.7% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 95,589 shares of the semiconductor company’s stock valued at $5,765,000 after purchasing an additional 7,627 shares in the last quarter. Independent Advisor Alliance boosted its position in shares of Marvell Technology by 18.3% in the fourth quarter. Independent Advisor Alliance now owns 12,890 shares of the semiconductor company’s stock worth $777,000 after purchasing an additional 1,995 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in shares of Marvell Technology by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock worth $3,620,000 after purchasing an additional 3,109 shares in the last quarter. 83.51% of the stock is 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.