Marvell Technology (NASDAQ:MRVL) Trading Down 3.2% on Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price dropped 3.2% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $67.76 and last traded at $68.12. Approximately 2,810,117 shares changed 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, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. William Blair raised Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. UBS Group lifted their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Bank of America reduced their target price on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 6th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Finally, The Goldman Sachs Group raised their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $59.65 billion, a P/E ratio of -40.56, a P/E/G ratio of 1.61 and a beta of 1.42. The firm has a 50 day moving average price of $102.82 and a 200-day moving average price of $93.95.

Institutional Trading of Marvell Technology

Large investors have recently modified their holdings of the company. Zweig DiMenna Associates LLC boosted its holdings in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after acquiring an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth approximately $637,000. RFG Advisory LLC grew its stake in shares of Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after acquiring an additional 2,507 shares during the last quarter. Braun Stacey Associates Inc. acquired a new stake in shares of Marvell Technology in the third quarter worth $16,435,000. Finally, Charles Schwab Investment Management Inc. increased its position in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares during the period. 83.51% of the stock is 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.