Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy Sells 30,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the sale, the chief executive officer now owns 716,545 shares in the company, valued at $49,312,626.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $66.48 on Thursday. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The business’s 50 day moving average price is $70.37 and its 200-day moving average price is $62.12.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the firm earned $0.34 EPS. The business’s quarterly revenue was up .6% on a year-over-year basis. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology’s dividend payout ratio is currently -22.22%.

Marvell Technology declared that its Board of Directors has initiated a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bruce G. Allen Investments LLC lifted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the period. SJS Investment Consulting Inc. increased its stake in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 155 shares in the last quarter. Versant Capital Management Inc increased its stake in Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after buying an additional 161 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. increased its stake in Marvell Technology by 0.5% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after buying an additional 162 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. Raymond James boosted their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, April 12th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Finally, UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, February 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.