Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells 626 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 626 shares of the company’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now owns 626 shares of the company’s stock, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Mark Casper also recently made the following trade(s):

• On Wednesday, April 23rd, Mark Casper sold 12,460 shares of Marvell Technology stock. The stock was sold at an average price of $55.00, for a total value of $685,300.00.

Marvell Technology Trading Down 1.9%

MRVL traded down $1.20 during trading on Monday, reaching $62.56. 20,282,143 shares of the stock traded hands, compared to its average volume of 14,060,323. 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’s 50-day moving average is $60.36 and its 200 day moving average is $88.78. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The stock has a market capitalization of $54.04 billion, a PE ratio of -36.80, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

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

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Norges Bank bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $1,138,354,000. GQG Partners LLC acquired a new position in shares of Marvell Technology during the 4th quarter valued at $802,410,000. Nuveen Asset Management LLC grew its holdings in 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 worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Nuveen LLC acquired a new stake in Marvell Technology in the first quarter worth $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Piper Sandler decreased their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Roth Capital set a $100.00 price target on shares of Marvell Technology in a report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Bank of America cut their target price on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Finally, Morgan Stanley dropped their price target on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday, March 6th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.69.

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.