Mark Casper Sells 2,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $63.86 on Wednesday. The firm has a market capitalization of $55.30 billion, a PE ratio of -59.13, a PEG ratio of 4.54 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 1-year low of $36.90 and a 1-year high of $85.76. The business’s 50 day moving average is $69.97 and its 200-day moving average is $62.40.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.38%. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology declared that its Board of Directors has approved a share repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts have commented on MRVL shares. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price for the company. Oppenheimer reiterated an “outperform” rating and set a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. B. Riley restated a “buy” rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in MRVL. Massachusetts Financial Services Co. MA boosted its stake in Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after buying an additional 2,142,391 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares during the last quarter. Fred Alger Management LLC increased its position in shares of Marvell Technology by 2.4% during the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after purchasing an additional 95,003 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in Marvell Technology by 15.6% during the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the last quarter. Finally, Montag A & Associates Inc. boosted its position in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after buying an additional 8,836 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.