Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells 2,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Marvell Technology Stock Up 1.6 %

Marvell Technology stock opened at $63.86 on Wednesday. The firm has a market cap of $55.30 billion, a price-to-earnings ratio of -59.13, a PEG ratio of 4.54 and a beta of 1.50. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The firm has a 50 day moving average price of $69.97 and a two-hundred day moving average price of $62.40.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors 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 annualized dividend and a dividend yield of 0.38%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its board has approved a stock repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. lifted its position in shares of Marvell Technology by 11.2% during the 3rd quarter. Geneos Wealth Management Inc. now owns 2,904 shares of the semiconductor company’s stock valued at $157,000 after acquiring an additional 293 shares during the period. IFP Advisors Inc raised its holdings in shares of Marvell Technology by 11.0% during the third quarter. IFP Advisors Inc now owns 6,389 shares of the semiconductor company’s stock valued at $346,000 after purchasing an additional 634 shares during the period. HB Wealth Management LLC boosted its position in shares of Marvell Technology by 4.7% during the 3rd quarter. HB Wealth Management LLC now owns 8,411 shares of the semiconductor company’s stock worth $455,000 after purchasing an additional 374 shares in the last quarter. RFG Advisory LLC grew its stake in shares of Marvell Technology by 57.3% in the 3rd quarter. RFG Advisory LLC now owns 12,583 shares of the semiconductor company’s stock valued at $681,000 after buying an additional 4,583 shares during the period. Finally, Bard Financial Services Inc. increased its position in Marvell Technology by 11.6% in the 3rd quarter. Bard Financial Services Inc. now owns 4,320 shares of the semiconductor company’s stock valued at $234,000 after buying an additional 450 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on MRVL. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Barclays raised their price target on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. B. Riley reiterated a “buy” rating and set a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. TD Cowen raised their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Finally, Oppenheimer reaffirmed an “outperform” rating and set a $80.00 target price (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price 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.