Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes Sells 1,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Marvell Technology Trading Up 0.5 %

NASDAQ MRVL opened at $73.59 on Wednesday. The company has a market cap of $63.73 billion, a P/E ratio of -68.14, a P/E/G ratio of 5.20 and a beta of 1.50. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The company has a 50-day moving average of $69.91 and a 200-day moving average of $60.82.

Marvell Technology (NASDAQ:MRVLGet Free Report) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates 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 revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology announced that its Board of Directors has approved a stock buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock 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

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. FMR LLC increased its position in Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after purchasing an additional 421,622 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Marvell Technology by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after acquiring an additional 1,890,753 shares in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Marvell Technology by 118,898.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after acquiring an additional 62,400,056 shares during the period. Capital Research Global Investors lifted its holdings in shares of Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after acquiring an additional 185,479 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in Marvell Technology by 6.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock worth $936,082,000 after purchasing an additional 1,603,857 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently issued reports on MRVL. Cantor Fitzgerald initiated coverage on Marvell Technology in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 price target for the company. TD Cowen lifted their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Citigroup reiterated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Morgan Stanley lifted their price objective on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Finally, Barclays increased their target price on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $75.75.

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About Marvell Technology

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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.

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