Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells 1,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $69.99 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business’s 50 day moving average is $60.89 and its two-hundred day moving average is $84.87. The stock has a market capitalization of $60.46 billion, a price-to-earnings ratio of -122.79, a PEG ratio of 0.77 and a beta of 1.76. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the prior year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 63.3% on a year-over-year basis. Research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -42.11%.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Centricity Wealth Management LLC purchased a new position in Marvell Technology in the 4th quarter valued at approximately $26,000. Hughes Financial Services LLC acquired a new stake in Marvell Technology in the first quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter valued at $27,000. Rossby Financial LCC acquired a new position in shares of Marvell Technology during the 1st quarter worth $27,000. Finally, Financial Connections Group Inc. lifted its holdings in shares of Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock valued at $27,000 after purchasing an additional 388 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MRVL shares. Loop Capital dropped their target price on shares of Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Melius downgraded Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a report on Thursday, May 22nd. Stifel Nicolaus decreased their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Raymond James Financial reaffirmed an “outperform” rating and set a $90.00 price target (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Bank of America decreased their price objective on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a report on Wednesday, April 16th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.73.

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.