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

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Marvell Technology Stock Up 0.7 %

Shares of NASDAQ MRVL opened at $89.34 on Wednesday. The company has a market cap of $79.17 billion, a price-to-earnings ratio of -80.49, a PEG ratio of 3.82 and a beta of 1.44. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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 firm’s fifty day moving average is $79.64 and its 200 day moving average is $73.10.

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

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Analysts Set New Price Targets

MRVL has been the topic of a number of research analyst reports. Morgan Stanley increased their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Barclays increased their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America increased their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $91.77.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares in the last quarter. Quarry LP purchased a new stake in Marvell Technology in the 2nd quarter worth $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology in the 2nd quarter worth approximately $32,000. Whittier Trust Co. raised its stake in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC purchased a new stake in shares of Marvell Technology during the 3rd quarter valued at about $37,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.