Matthew J. Murphy Sells 30,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the transaction, the chief executive officer now owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $65.24 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $56.50 billion, a price-to-earnings ratio of -60.41, a PEG ratio of 4.99 and a beta of 1.50. The stock’s fifty day simple moving average is $70.25 and its 200 day simple moving average is $62.15. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76.

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

Marvell Technology declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio is -22.22%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH purchased a new position in shares of Marvell Technology during the first quarter valued at $13,291,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Marvell Technology by 3.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,919,962 shares of the semiconductor company’s stock valued at $136,087,000 after buying an additional 64,909 shares in the last quarter. SteelPeak Wealth LLC grew its holdings in shares of Marvell Technology by 14.4% during the first quarter. SteelPeak Wealth LLC now owns 187,107 shares of the semiconductor company’s stock valued at $13,262,000 after buying an additional 23,483 shares in the last quarter. Breakwater Capital Group grew its holdings in shares of Marvell Technology by 12.8% during the first quarter. Breakwater Capital Group now owns 7,459 shares of the semiconductor company’s stock valued at $529,000 after buying an additional 847 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Marvell Technology by 39.0% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock valued at $578,000 after buying an additional 2,286 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of several recent analyst reports. Evercore ISI initiated coverage on Marvell Technology in a research note on Tuesday. They set an “outperform” rating and a $88.00 target price on the stock. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. TD Cowen lifted their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. Barclays boosted their price objective on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Finally, B. Riley reissued a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Company Profile

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.