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 stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the sale, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. This trade represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

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 transaction of $685,300.00.

Marvell Technology Stock Down 1.9%

Shares of NASDAQ MRVL opened at $62.56 on Tuesday. The stock has a market cap of $54.04 billion, a PE ratio of -36.80, a PEG ratio of 1.61 and a beta of 1.83. The business has a fifty day moving average of $60.22 and a two-hundred day moving average of $88.63. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s payout ratio is presently -23.53%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Marvell Technology by 4.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 7,702,611 shares of the semiconductor company’s stock valued at $474,250,000 after acquiring an additional 362,409 shares during the period. Ascent Group LLC bought a new position in shares of Marvell Technology in the first quarter valued at about $1,897,000. Clearline Capital LP bought a new position in shares of Marvell Technology in the first quarter valued at about $4,112,000. Sciencast Management LP raised its holdings in shares of Marvell Technology by 191.7% in the first quarter. Sciencast Management LP now owns 50,546 shares of the semiconductor company’s stock valued at $3,112,000 after buying an additional 33,218 shares during the last quarter. Finally, Fred Alger Management LLC raised its holdings in shares of Marvell Technology by 14.4% in the first quarter. Fred Alger Management LLC now owns 253,768 shares of the semiconductor company’s stock valued at $15,624,000 after buying an additional 31,926 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MRVL shares. Bank of America reduced their price target on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Barclays dropped their price objective on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Finally, Roth Capital set a $100.00 price objective on Marvell Technology in a report on Thursday, March 6th. Four investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $110.69.

Marvell Technology Company Profile

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.