Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells $177,075.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Marvell Technology Stock Performance

NASDAQ:MRVL traded up $1.73 during trading hours on Wednesday, reaching $72.04. The company had a trading volume of 10,872,022 shares, compared to its average volume of 12,464,416. The firm’s 50 day moving average price is $68.43 and its 200-day moving average price is $69.60. The firm has a market cap of $62.36 billion, a price-to-earnings ratio of -64.19, a PEG ratio of 3.12 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted 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 company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

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 issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC grew its holdings in Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Aspex Management HK Ltd raised its position in shares of Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the period. Whale Rock Capital Management LLC purchased a new position in shares of Marvell Technology during the 1st quarter valued at $181,559,000. Ameriprise Financial Inc. lifted its stake in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB boosted its holdings in Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Rosenblatt Securities lifted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price 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.