Marvell Technology (NASDAQ:MRVL) Shares Gap Down on Insider Selling

Shares of Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $67.20, but opened at $65.00. Marvell Technology shares last traded at $63.78, with a volume of 3,396,109 shares trading hands.

Specifically, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the sale, the chief financial officer now directly owns 99,730 shares in the company, valued at approximately $5,983,800. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Ford Tamer sold 30,000 shares of Marvell Technology stock in a transaction on Monday, January 8th. The shares were sold at an average price of $60.20, for a total value of $1,806,000.00. Following the completion of the sale, the director now owns 40,403 shares in the company, valued at approximately $2,432,260.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the sale, the chief financial officer now owns 99,730 shares of the company’s stock, valued at approximately $5,983,800. The disclosure for this sale can be found here. In the last three months, insiders have sold 138,000 shares of company stock worth $8,983,290. Corporate insiders own 0.45% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MRVL shares. Cantor Fitzgerald started coverage on shares of Marvell Technology in a report on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 price objective on the stock. Raymond James raised their price target on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. KeyCorp reduced their price target on Marvell Technology from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Friday, December 1st. Barclays lifted their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Finally, Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.08.

Get Our Latest Stock Report on Marvell Technology

Marvell Technology Stock Performance

The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $69.47 and a two-hundred day moving average of $59.90. The company has a market capitalization of $56.34 billion, a PE ratio of -60.24, a PEG ratio of 4.63 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVLGet Free Report) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company earned $0.34 earnings per share. Research analysts anticipate that Marvell Technology, Inc. will post 0.76 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology declared that its board has authorized a share buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. West Tower Group LLC acquired a new position in Marvell Technology during the 2nd quarter worth $25,000. Buck Wealth Strategies LLC boosted its holdings in shares of Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the last quarter. SRS Capital Advisors Inc. raised its position in Marvell Technology by 216.2% in the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 281 shares during the period. SJS Investment Consulting Inc. increased its position in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares during the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new position in Marvell Technology in the fourth quarter worth about $28,000. Hedge funds and other institutional investors own 83.32% of the company’s stock.

Marvell Technology Company Profile

(Get Free Report)

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.

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