Chris Koopmans Sells 5,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the sale, the executive vice president now owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Chris Koopmans also recently made the following trade(s):

• On Friday, March 15th, Chris Koopmans sold 5,000 shares of Marvell Technology stock. The stock was sold at an average price of $66.44, for a total transaction of $332,200.00.
• On Thursday, February 15th, Chris Koopmans sold 5,000 shares of Marvell Technology stock. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00.

Marvell Technology Trading Down 1.9 %

Shares of MRVL opened at $65.24 on Friday. 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 firm has a 50 day simple moving average of $70.25 and a 200-day simple moving average of $62.15. Marvell Technology, Inc. has a 1-year low of $36.90 and a 1-year high of $85.76. The stock has a market cap of $56.50 billion, a price-to-earnings ratio of -60.41, a price-to-earnings-growth ratio of 4.99 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last issued 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 negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the company posted $0.34 EPS. The company’s revenue was up .6% on a year-over-year basis. Equities analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology’s payout ratio is currently -22.22%.

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

Wall Street Analyst Weigh In

A number of brokerages recently commented on MRVL. Stifel Nicolaus restated a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, April 12th. Evercore ISI began coverage on shares of Marvell Technology in a research report on Tuesday. They issued an “outperform” rating and a $88.00 price objective for the company. B. Riley restated a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new stake in Marvell Technology in the 1st quarter worth approximately $13,291,000. Allspring Global Investments Holdings LLC grew its stake in Marvell Technology by 3.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,919,962 shares of the semiconductor company’s stock worth $136,087,000 after acquiring an additional 64,909 shares during the period. SteelPeak Wealth LLC grew its stake in Marvell Technology by 14.4% in the 1st quarter. SteelPeak Wealth LLC now owns 187,107 shares of the semiconductor company’s stock worth $13,262,000 after acquiring an additional 23,483 shares during the period. Breakwater Capital Group grew its stake in Marvell Technology by 12.8% in the 1st quarter. Breakwater Capital Group now owns 7,459 shares of the semiconductor company’s stock worth $529,000 after acquiring an additional 847 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its stake in Marvell Technology by 39.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock worth $578,000 after acquiring an additional 2,286 shares during the period. 83.51% of the stock is owned by hedge funds and other 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.