Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.7% on Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL) traded down 0.7% on Wednesday after an insider sold shares in the company. The stock traded as low as $72.08 and last traded at $72.29. 799,513 shares changed hands during trading, a decline of 94% from the average session volume of 12,476,706 shares. The stock had previously closed at $72.77.

Specifically, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. In other news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value 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 legal filing with the SEC, which is available at this hyperlink.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Oppenheimer reissued an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Morgan Stanley increased their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 1.7 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company’s fifty day simple moving average is $68.14 and its 200-day simple moving average is $69.78. The company has a market capitalization of $61.93 billion, a P/E ratio of -63.32, a PEG ratio of 3.29 and a beta of 1.46.

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

Marvell Technology Announces Dividend

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

Institutional Trading of Marvell Technology

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares in the last quarter. Capital Research Global Investors boosted its stake in Marvell Technology by 0.5% in the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP boosted its stake in Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after purchasing an additional 1,888,676 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted 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. 83.51% of the stock is currently owned by 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.