Marvell Technology (NASDAQ:MRVL) Stock Price Down 3.2% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price fell 3.2% during trading on Tuesday following insider selling activity. The stock traded as low as $67.76 and last traded at $68.12. 2,810,117 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 12,635,969 shares. The stock had previously closed at $70.40.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This represents a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the transaction, the chief operating officer now directly owns 81,931 shares of the company’s stock, valued at approximately $5,639,310.73. This trade represents a 6.82 % decrease in their position. The disclosure for this sale can be found here. In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent research reports. Benchmark reissued a “buy” rating and issued a $135.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Melius initiated coverage on Marvell Technology in a report on Monday, January 27th. They issued a “buy” rating and a $188.00 target price for the company. KeyCorp dropped their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Finally, Craig Hallum increased their target price on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Up 2.2 %

The company has a market cap of $60.46 billion, a P/E ratio of -41.06, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business has a 50-day moving average price of $100.89 and a two-hundred day moving average price of $93.72.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. ORG Partners LLC grew its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $27,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth $33,000. Institutional investors own 83.51% of the company’s stock.

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.