Marvell Technology (NASDAQ:MRVL) Shares Down 1.9% on Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) dropped 1.9% during trading on Thursday following insider selling activity. The company traded as low as $63.94 and last traded at $64.62. Approximately 2,951,725 shares were traded during trading, a decline of 79% from the average daily volume of 13,965,457 shares. The stock had previously closed at $65.90.

Specifically, CAO Panteha Dixon sold 1,239 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.01, for a total value of $80,547.39. Following the completion of the sale, the chief accounting officer now directly owns 30,855 shares in the company, valued at $2,005,883.55. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the completion of the transaction, the chief financial officer now directly owns 122,848 shares of the company's stock, valued at $7,954,408. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. In other news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the transaction, the chief operating officer now directly owns 92,065 shares of the company's stock, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of analyst reports. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Needham & Company LLC reduced their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. UBS Group decreased their price target on Marvell Technology from $110.00 to $100.00 and set a "buy" rating for the company in a report on Monday. Benchmark dropped their target price on Marvell Technology from $135.00 to $95.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Finally, KeyCorp cut their target price on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $110.69.

Marvell Technology Stock Down 1.9%

The business has a 50-day moving average price of $60.36 and a two-hundred day moving average price of $88.78. 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 firm has a market cap of $54.04 billion, a PE ratio of -36.80, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology's payout ratio is -23.53%.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Marvell Technology by 4.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,702,611 shares of the semiconductor company's stock worth $474,250,000 after buying an additional 362,409 shares during the last quarter. Ascent Group LLC acquired a new stake in shares of Marvell Technology in the first quarter valued at about $1,897,000. Clearline Capital LP purchased a new stake in shares of Marvell Technology during the 1st quarter worth approximately $4,112,000. Sciencast Management LP boosted its position in Marvell Technology by 191.7% during the first quarter. Sciencast Management LP now owns 50,546 shares of the semiconductor company's stock worth $3,112,000 after purchasing an additional 33,218 shares in the last quarter. Finally, Fred Alger Management LLC grew its stake in Marvell Technology by 14.4% in the 1st quarter. Fred Alger Management LLC now owns 253,768 shares of the semiconductor company's stock valued at $15,624,000 after acquiring an additional 31,926 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.