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

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Marvell Technology Stock Down 0.9 %

Shares of NASDAQ:MRVL traded down $0.63 on Tuesday, hitting $72.77. 6,343,340 shares of the company traded hands, compared to its average volume of 12,541,917. The company has a market cap of $62.99 billion, a PE ratio of -64.40, a PEG ratio of 3.29 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The stock has a 50 day simple moving average of $68.23 and a 200-day simple moving average of $69.80.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the business earned $0.18 EPS. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, research analysts expect that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is currently -21.24%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Rosenblatt Securities raised their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Evercore ISI increased their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Diversified Trust Co bought a new stake in Marvell Technology during the second quarter valued at approximately $932,000. Orion Portfolio Solutions LLC lifted its position in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares in the last quarter. Hoylecohen LLC bought a new stake in Marvell Technology during the fourth quarter valued at about $658,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Marvell Technology by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after buying an additional 88,918 shares in the last quarter. Finally, Westwood Holdings Group Inc. bought a new stake in Marvell Technology during the 1st quarter worth approximately $6,985,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.