Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.2% on Insider Selling

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) were down 0.2% on Monday after an insider sold shares in the company. The company traded as low as $61.08 and last traded at $62.18. Approximately 2,448,716 shares were traded during trading, a decline of 82% from the average daily 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 dated Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares in the company, valued at $7,460,880. The trade was a 1.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Cantor Fitzgerald cut Marvell Technology from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $125.00 to $60.00 in a research report on Wednesday. Raymond James set a $110.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Rosenblatt Securities restated a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Piper Sandler cut their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, March 6th. Finally, Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Four research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $110.30.

Marvell Technology Trading Up 3.5 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a 50 day simple moving average of $61.76 and a 200-day simple moving average of $89.46. The firm has a market cap of $51.53 billion, a P/E ratio of -35.09, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.40%. Marvell Technology's dividend payout ratio is currently -23.53%.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Ontario Teachers Pension Plan Board lifted its holdings in shares of Marvell Technology by 277.9% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 14,635 shares of the semiconductor company's stock worth $901,000 after acquiring an additional 10,762 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Marvell Technology by 4.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 3,596,687 shares of the semiconductor company's stock worth $221,448,000 after purchasing an additional 168,942 shares during the last quarter. ASR Vermogensbeheer N.V. purchased a new position in shares of Marvell Technology during the first quarter valued at approximately $4,736,000. Citizens Financial Group Inc. RI grew its stake in shares of Marvell Technology by 4.0% during the first quarter. Citizens Financial Group Inc. RI now owns 14,284 shares of the semiconductor company's stock valued at $879,000 after buying an additional 551 shares during the last quarter. Finally, Primecap Management Co. CA raised its holdings in shares of Marvell Technology by 3.2% in the first quarter. Primecap Management Co. CA now owns 2,164,730 shares of the semiconductor company's stock worth $133,282,000 after buying an additional 66,300 shares during the period. 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.