Marvell Technology (NASDAQ:MRVL) Shares Down 0.2% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares traded down 0.2% during trading on Monday after an insider sold shares in the company. The stock traded as low as $61.08 and last traded at $62.18. 2,448,716 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 13,668,362 shares. The stock had previously closed at $62.33.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company's stock, valued at approximately $7,460,880. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MRVL. William Blair upgraded Marvell Technology to a "strong-buy" rating in a report on Wednesday, February 5th. Bank of America decreased their price target on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Morgan Stanley decreased their target price on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research report on Thursday, March 6th. Needham & Company LLC cut their target price on Marvell Technology from $120.00 to $100.00 and set a "buy" rating on the stock in a report on Thursday, March 6th. Finally, Citigroup lowered their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $114.56.

Marvell Technology Price Performance

The firm has a market capitalization of $53.79 billion, a PE ratio of -36.53, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business's 50 day moving average is $64.22 and its two-hundred day moving average is $90.18.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is currently -23.53%.

Institutional Trading of Marvell Technology

Hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC raised its position in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Wellington Management Group LLP lifted its stake in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. increased 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 during the period. 83.51% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.