Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy Acquires 13,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy bought 13,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were bought at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the purchase, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Marvell Technology Stock Up 2.2 %

Shares of MRVL opened at $79.41 on Wednesday. The company has a 50-day simple moving average of $70.30 and a 200-day simple moving average of $69.98. The firm has a market capitalization of $68.74 billion, a P/E ratio of -70.27, a P/E/G ratio of 3.17 and a beta of 1.45. 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 52 week low of $46.07 and a 52 week high of $85.76.

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 analysts’ consensus estimates 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter worth about $32,000. Quarry LP acquired a new position in Marvell Technology in the second quarter worth about $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology in the first quarter worth about $35,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MRVL shares. Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Citigroup reissued a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Monday. Benchmark lifted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Barclays lifted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Finally, Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $91.62.

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.