Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells $110,805.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Marvell Technology Stock Performance

MRVL stock opened at $72.77 on Wednesday. The company has a market cap of $62.99 billion, a P/E ratio of -64.40, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock’s fifty day moving average price is $68.23 and its 200-day moving average price is $69.80.

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

Marvell Technology Dividend Announcement

The business also recently announced 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 is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings 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 worth $5,160,805,000 after purchasing an additional 468,086 shares during the period. Capital Research Global Investors raised its holdings in Marvell Technology by 0.5% in the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares during the period. Matrix Capital Management Company LP raised its holdings in Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after purchasing an additional 1,888,676 shares during the period. Janus Henderson Group PLC raised its holdings in 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 period. Finally, Ameriprise Financial Inc. raised its holdings in Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on MRVL. The Goldman Sachs Group upped their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America upped their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price 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.