Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells 1,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the transaction, the chief financial officer now owns 110,253 shares in the company, valued at $8,875,366.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Marvell Technology Stock Down 2.2 %

Marvell Technology stock traded down $1.77 during trading hours on Thursday, reaching $79.91. The stock had a trading volume of 12,973,846 shares, compared to its average volume of 12,413,155. The company has a market cap of $69.17 billion, a price-to-earnings ratio of -70.72, a PEG ratio of 3.17 and a beta of 1.45. The business’s 50 day moving average price is $71.23 and its 200-day moving average price is $70.12. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 EPS. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.30%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC grew its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology during the first quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology during the second quarter valued at $32,000. Quarry LP acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $32,000. Finally, Optimum Investment Advisors purchased a new position in Marvell Technology in the 1st quarter worth $35,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on MRVL. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Evercore ISI upped their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Benchmark lifted their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

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.