Marvell Technology, Inc. (NASDAQ:MRVL) Insider Sells $12,075,000.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $1.77 during trading on Thursday, hitting $79.91. 12,973,846 shares of the stock traded hands, compared to its average volume of 12,413,155. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a fifty day moving average price of $71.23 and a two-hundred day moving average price of $70.12. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a market cap of $69.17 billion, a price-to-earnings ratio of -70.72, a P/E/G ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the business earned $0.18 earnings per share. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.30%. Marvell Technology’s payout ratio is -21.24%.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the business. V Square Quantitative Management LLC lifted its holdings in Marvell Technology by 10.4% during the third quarter. V Square Quantitative Management LLC now owns 9,067 shares of the semiconductor company’s stock valued at $654,000 after purchasing an additional 854 shares in the last quarter. Sax Wealth Advisors LLC raised its position in shares of Marvell Technology by 75.8% during the 3rd quarter. Sax Wealth Advisors LLC now owns 11,140 shares of the semiconductor company’s stock worth $803,000 after purchasing an additional 4,803 shares during the last quarter. Onyx Bridge Wealth Group LLC lifted its stake in Marvell Technology by 17.0% in the 3rd quarter. Onyx Bridge Wealth Group LLC now owns 5,137 shares of the semiconductor company’s stock valued at $371,000 after buying an additional 745 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Marvell Technology by 1.4% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 123,096 shares of the semiconductor company’s stock worth $8,878,000 after buying an additional 1,740 shares during the last quarter. Finally, Harbour Capital Advisors LLC purchased a new stake in Marvell Technology during the 3rd quarter worth approximately $330,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Roth Mkm restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Barclays boosted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research note on Monday. Finally, Rosenblatt Securities increased their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $91.62.

About Marvell Technology

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.