Marvell Technology, Inc. (NASDAQ:MRVL) Director Sells $6,822,720.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Marvell Technology Stock Down 1.5 %

MRVL traded down $1.08 during trading on Monday, hitting $73.40. The company had a trading volume of 7,656,007 shares, compared to its average volume of 12,576,662. The company has a market cap of $63.54 billion, a PE ratio of -64.96, a P/E/G ratio of 3.29 and a beta of 1.46. The business has a 50-day moving average of $68.26 and a 200-day moving average of $69.79. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76.

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

Marvell Technology Dividend Announcement

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

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after acquiring an additional 468,086 shares during the period. Capital Research Global Investors increased its stake in Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after buying an additional 185,479 shares during the period. Matrix Capital Management Company LP increased its position in shares of Marvell Technology by 14.3% during the 4th 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 during the period. Janus Henderson Group PLC grew its stake in shares of Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the subject of a number of recent analyst reports. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America boosted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.62.

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.