Marvell Technology (NASDAQ:MRVL) Shares Down 3.2% After Insider Selling

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price fell 3.2% during trading on Tuesday following insider selling activity. The stock traded as low as $67.76 and last traded at $68.12. 2,810,117 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 12,635,969 shares. The stock had previously closed at $70.40.

Specifically, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Analysts Set New Price Targets

Several brokerages recently commented on MRVL. Barclays decreased their price target on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. The Goldman Sachs Group upped 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. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Morgan Stanley dropped their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Finally, Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Down 2.2 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm’s fifty day moving average price is $102.82 and its 200-day moving average price is $93.95. The company has a market cap of $59.65 billion, a price-to-earnings ratio of -40.56, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently modified their holdings of the business. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at approximately $26,000. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the period. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter valued at $27,000. Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology in the 4th quarter valued at about $33,000. Finally, Financial Life Planners bought a new stake in shares of Marvell Technology in the fourth quarter valued at about $33,000. 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.