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

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Marvell Technology Price Performance

Shares of MRVL stock traded up $0.33 during trading hours on Monday, hitting $67.20. The stock had a trading volume of 11,289,026 shares, compared to its average volume of 14,612,068. Marvell Technology, Inc. has a one year low of $36.90 and a one year high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.08. The stock’s 50-day moving average price is $69.37 and its two-hundred day moving average price is $59.79. The stock has a market capitalization of $58.20 billion, a price-to-earnings ratio of -62.50, a PEG ratio of 4.58 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business posted $0.34 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Equities analysts forecast that Marvell Technology, Inc. will post 0.76 EPS for the current year.

Marvell Technology declared that its Board of Directors has initiated a stock buyback plan 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 plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MRVL shares. Cantor Fitzgerald started coverage on shares of Marvell Technology in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 target price for the company. B. Riley reiterated a “buy” rating and set a $95.00 target price (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Citigroup boosted their target price on shares of Marvell Technology from $61.00 to $75.00 and gave the company a “buy” rating in a research note on Friday, January 12th. Finally, KeyCorp decreased their target price on shares of Marvell Technology from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.08.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its position in shares of Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after buying an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC raised its stake in Marvell Technology by 328.3% in the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after buying an additional 18,357 shares in the last quarter. Fred Alger Management LLC raised its stake in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after buying an additional 95,003 shares in the last quarter. NewEdge Wealth LLC raised its stake in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after buying an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. raised its stake in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after buying an additional 8,836 shares in the last quarter. Hedge funds and other institutional investors own 83.32% of the company’s stock.

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.