Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.3% Following Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2.3% during mid-day trading on Monday after an insider sold shares in the company. The company traded as low as $72.74 and last traded at $72.74. Approximately 1,431,828 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 12,541,719 shares. The stock had previously closed at $74.48.

Specifically, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Analysts Set New Price Targets

Several research firms have commented on MRVL. Roth Mkm reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Barclays raised their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Down 1.7 %

The firm has a market capitalization of $61.93 billion, a P/E ratio of -64.27, a P/E/G ratio of 3.29 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock’s 50-day simple moving average is $68.20 and its 200-day simple moving average is $69.77.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. As a group, research analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio is -21.24%.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Lazard Asset Management LLC grew its position in shares of Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares in the last quarter. Aspex Management HK Ltd grew its holdings in Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in shares of Marvell Technology during the first quarter valued at about $181,559,000. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB raised its position in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares in the last quarter. 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.