Mark Casper Sells 2,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the sale, the executive vice president now owns 20,450 shares in the company, valued at $1,432,931.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Mark Casper also recently made the following trade(s):

• On Friday, April 19th, Mark Casper sold 2,500 shares of Marvell Technology stock. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00.

Marvell Technology Trading Up 0.8 %

Shares of MRVL opened at $72.20 on Thursday. The firm has a 50-day moving average of $70.72 and a 200-day moving average of $68.69. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter last year, the company posted $0.17 earnings per share. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

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

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Evercore ISI increased their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, B. Riley increased their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the period. Trueblood Wealth Management LLC lifted its position in Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after acquiring an additional 152 shares during the last quarter. SJS Investment Consulting Inc. boosted its holdings 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 period. Blue Trust Inc. grew its position in shares of Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 155 shares during the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Marvell Technology by 34.7% during the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 161 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.