Marvell Technology, Inc. (NASDAQ:MRVL) Director Daniel Durn Purchases 1,425 Shares

Marvell Technology, Inc. (NASDAQ:MRVL) Director Daniel Durn bought 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The shares were purchased at an average cost of $70.21 per share, with a total value of $100,049.25. Following the transaction, the director now owns 1,923 shares in the company, valued at $135,013.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Marvell Technology Trading Down 5.7 %

Marvell Technology stock traded down $4.12 during trading hours on Monday, hitting $67.77. 12,242,996 shares of the stock were exchanged, compared to its average volume of 13,094,145. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The business’s 50-day moving average is $70.00 and its two-hundred day moving average is $67.99. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the business earned $0.17 earnings per share. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current year.

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

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -21.24%.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Marvell Technology by 0.6% in the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after buying an additional 468,086 shares during the period. Capital Research Global Investors increased its stake in Marvell Technology by 0.5% in the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP increased its stake in Marvell Technology by 14.3% in the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after purchasing an additional 1,888,676 shares in the last quarter. Brown Advisory Inc. increased its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Oppenheimer reissued an “outperform” rating and set a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. KeyCorp dropped their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, April 8th. Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Stifel Nicolaus boosted their price objective on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

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.