Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.7% on Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price dropped 0.7% during trading on Wednesday after an insider sold shares in the company. The company traded as low as $72.08 and last traded at $72.29. Approximately 799,513 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 12,476,706 shares. The stock had previously closed at $72.77.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The disclosure for this sale can be found here. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. Bank of America raised their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. KeyCorp raised their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Down 1.7 %

The business’s 50 day moving average is $68.14 and its 200-day moving average is $69.78. The stock has a market cap of $61.93 billion, a price-to-earnings ratio of -63.32, a PEG ratio of 3.29 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

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, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the company earned $0.18 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors 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 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after purchasing an additional 468,086 shares during the last quarter. Capital Research Global Investors boosted its stake in Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares during the last quarter. Matrix Capital Management Company LP boosted its stake in Marvell Technology by 14.3% during the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after purchasing an additional 1,888,676 shares during the last quarter. Janus Henderson Group PLC boosted its stake in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.