Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells $71,500.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $70.88 on Friday. Marvell Technology, Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a 50 day moving average of $69.95 and a 200 day moving average of $60.98.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during 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%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 earnings per share. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its board has approved a stock repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s payout ratio is -22.22%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Quilter Plc purchased a new position in shares of Marvell Technology during the first quarter worth $248,250,000. SRS Capital Advisors Inc. boosted its position in shares of Marvell Technology by 216.2% during the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after buying an additional 281 shares during the period. West Tower Group LLC purchased a new position in shares of Marvell Technology during the second quarter worth $25,000. SJS Investment Consulting Inc. boosted 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 buying an additional 155 shares during the period. Finally, Buck Wealth Strategies LLC boosted its position 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 buying an additional 425 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Morgan Stanley upped their price target on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. TD Cowen increased their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Oppenheimer reissued an “outperform” rating and set a $80.00 target price (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Finally, B. Riley reissued a “buy” rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $75.75.

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.