Marvell Technology (NASDAQ:MRVL) Shares Down 3.2% Following Insider Selling

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were down 3.2% on Tuesday following insider selling activity. The stock traded as low as $67.76 and last traded at $68.12. Approximately 2,810,117 shares traded hands during trading, a decline of 78% from the average daily 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 dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the firm’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 $412,980.00. Following the sale, the chief operating officer now directly owns 81,931 shares of the company’s stock, valued at $5,639,310.73. This represents a 6.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In related news, CAO Panteha Dixon sold 1,430 shares of the business’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 sale, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

MRVL has been the topic of several recent research reports. Piper Sandler dropped their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. TD Cowen cut their target price on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Morgan Stanley cut their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Finally, Susquehanna lifted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Three equities research 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’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

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 stock has a fifty day moving average price of $101.86 and a 200-day moving average price of $93.89. The firm has a market cap of $59.13 billion, a price-to-earnings ratio of -40.16, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Institutional Trading of Marvell Technology

A number of institutional investors have recently modified their holdings of MRVL. State Street Corp grew its stake in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Invesco Ltd. grew its position in Marvell Technology by 30.1% during 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. Janus Henderson Group PLC grew its position in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 43.1% during the 4th 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, Geode Capital Management LLC lifted its position in shares of Marvell Technology by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after acquiring an additional 80,005 shares during the period. 83.51% of the stock is currently owned by hedge funds and other 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.