Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells $175,175.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the sale, the executive vice president now directly owns 20,450 shares in the company, valued at $1,432,931.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Mark Casper also recently made the following trade(s):

• On Friday, April 19th, Mark Casper sold 2,500 shares of Marvell Technology stock. The stock was sold at an average price of $64.75, for a total value of $161,875.00.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $72.20 on Friday. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The stock has a 50-day moving average price of $70.82 and a 200 day moving average price of $68.71.

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

Marvell Technology announced that its board has initiated a stock repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Institutional Trading of Marvell Technology

Several institutional investors have recently made changes to their positions in the business. Bruce G. Allen Investments LLC boosted its stake in Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the last quarter. SJS Investment Consulting Inc. boosted its stake in Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology during the first quarter valued at approximately $31,000. Optimum Investment Advisors bought a new position in Marvell Technology during the first quarter valued at approximately $35,000. Finally, Mark Sheptoff Financial Planning LLC bought a new position in Marvell Technology during the first quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the topic of several analyst reports. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Jefferies Financial Group initiated coverage on Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 price target on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Morgan Stanley upped their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.