Marvell Technology (NASDAQ:MRVL) Shares Down 2.7% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2.7% during trading on Thursday after an insider sold shares in the company. The stock traded as low as $106.82 and last traded at $108.03. Approximately 2,212,915 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 12,725,649 shares. The stock had previously closed at $111.04.

Specifically, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now directly owns 87,931 shares of the company’s stock, valued at approximately $9,351,461.85. This represents a 6.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. UBS Group increased their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. KeyCorp increased their price objective on shares of Marvell Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Wells Fargo & Company increased their price objective on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Finally, Melius assumed coverage on shares of Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective for the company. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Stock Down 2.1 %

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 company’s 50-day simple moving average is $113.93 and its 200 day simple moving average is $91.69. The firm has a market cap of $94.03 billion, a P/E ratio of -63.92, a price-to-earnings-growth ratio of 1.59 and a beta of 1.40.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Norges Bank purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $802,410,000. Nuveen Asset Management LLC raised its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after acquiring an additional 6,543,132 shares during the period. Wellington Management Group LLP raised its stake in shares of 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 valued at $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its stake 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 valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Hedge funds and other 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.