Ford Tamer Sells 92,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Marvell Technology Stock Performance

Marvell Technology stock opened at $73.40 on Tuesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a market cap of $63.54 billion, a price-to-earnings ratio of -64.96, a PEG ratio of 3.29 and a beta of 1.46. The stock’s 50 day simple moving average is $68.26 and its two-hundred day simple moving average is $69.79.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. As a group, analysts expect that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is -21.24%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MRVL. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. KeyCorp boosted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. B. Riley raised their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Oppenheimer reiterated an “outperform” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Rosenblatt Securities increased their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its stake in Marvell Technology by 27.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock worth $2,539,000 after purchasing an additional 8,938 shares in the last quarter. Level Four Advisory Services LLC increased its position in shares of Marvell Technology by 15.7% during the fourth quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock valued at $496,000 after acquiring an additional 1,116 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its holdings in Marvell Technology by 8.7% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 95,589 shares of the semiconductor company’s stock worth $5,765,000 after acquiring an additional 7,627 shares during the last quarter. Independent Advisor Alliance lifted its position in Marvell Technology by 18.3% in the 4th quarter. Independent Advisor Alliance now owns 12,890 shares of the semiconductor company’s stock valued at $777,000 after acquiring an additional 1,995 shares in the last quarter. Finally, Norges Bank purchased a new stake in Marvell Technology during the 4th quarter valued at $511,215,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.