Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes Sells 1,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Marvell Technology Stock Down 3.2 %

Shares of MRVL stock opened at $63.82 on Thursday. Marvell Technology, Inc. has a 1-year low of $38.63 and a 1-year high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The stock’s fifty day moving average price is $69.90 and its 200 day moving average price is $62.93.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the business earned $0.34 EPS. Marvell Technology’s revenue for the quarter was up .6% on a year-over-year basis. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its Board of Directors has approved a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

MRVL has been the topic of a number of research reports. Evercore ISI began coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 target price on the stock. Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Finally, B. Riley reaffirmed a “buy” rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued 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 $81.13.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently bought and sold shares of the company. Simplicity Solutions LLC increased its holdings in Marvell Technology by 2.6% in the third quarter. Simplicity Solutions LLC now owns 11,635 shares of the semiconductor company’s stock valued at $630,000 after buying an additional 290 shares in the last quarter. Valeo Financial Advisors LLC purchased a new position in shares of Marvell Technology in the 3rd quarter valued at about $297,000. Linden Thomas Advisory Services LLC acquired a new position in Marvell Technology in the 3rd quarter worth about $492,000. Commonwealth Equity Services LLC boosted its position in Marvell Technology by 6.1% during the third quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock worth $10,330,000 after purchasing an additional 10,916 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its holdings in Marvell Technology by 12.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock valued at $3,903,000 after purchasing an additional 8,263 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.