Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells 2,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Marvell Technology Stock Up 1.6 %

NASDAQ:MRVL opened at $64.85 on Thursday. The firm has a market capitalization of $56.16 billion, a price-to-earnings ratio of -59.77, a PEG ratio of 4.60 and a beta of 1.50. Marvell Technology, Inc. has a 1-year low of $36.90 and a 1-year high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average price is $69.88 and its 200 day moving average price is $62.46.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 earnings per share. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its board has authorized a stock repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Cambridge Investment Research Advisors Inc. increased its position in Marvell Technology by 39.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 105,932 shares of the semiconductor company’s stock worth $7,508,000 after purchasing an additional 30,029 shares during the last quarter. Krilogy Financial LLC increased its position in Marvell Technology by 41.9% in the 1st quarter. Krilogy Financial LLC now owns 52,473 shares of the semiconductor company’s stock worth $3,719,000 after purchasing an additional 15,500 shares during the last quarter. V Square Quantitative Management LLC increased its position in Marvell Technology by 1.7% in the 1st quarter. V Square Quantitative Management LLC now owns 12,052 shares of the semiconductor company’s stock worth $854,000 after purchasing an additional 200 shares during the last quarter. Marino Stram & Associates LLC increased its position in Marvell Technology by 15.6% in the 1st quarter. Marino Stram & Associates LLC now owns 5,246 shares of the semiconductor company’s stock worth $372,000 after purchasing an additional 708 shares during the last quarter. Finally, Simplicity Wealth LLC acquired a new position in Marvell Technology in the 1st quarter worth about $876,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have issued reports on MRVL shares. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. UBS Group upped their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Barclays upped their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Finally, Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.