Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes Sells 1,500 Shares

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. This trade represents a 1.22% 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.

Marvell Technology Trading Up 4.8%

Shares of NASDAQ:MRVL opened at $70.42 on Tuesday. The company’s 50-day moving average price is $60.71 and its two-hundred day moving average price is $84.98. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The stock has a market capitalization of $60.83 billion, a PE ratio of -41.42, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the firm posted $0.24 EPS. The company’s revenue for the quarter was up 63.3% on a year-over-year basis. On average, equities analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -42.11%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Melius downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research note on Thursday, May 22nd. Raymond James reissued an “outperform” rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. China Renaissance assumed coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They set a “buy” rating and a $110.00 price target for the company. Evercore ISI dropped their price target on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. Finally, Melius Research downgraded shares of Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research note on Thursday, May 22nd. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.73.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth about $26,000. Hughes Financial Services LLC acquired a new position in shares of Marvell Technology during the 1st quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth about $27,000. Rossby Financial LCC acquired a new position in shares of Marvell Technology during the 1st quarter worth about $27,000. Finally, Financial Connections Group Inc. increased its stake in shares of Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 388 shares during the last quarter. 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.