Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells 1,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer now owns 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Marvell Technology Trading Up 4.8%

NASDAQ MRVL traded up $3.23 during trading hours on Monday, hitting $70.42. The company's stock had a trading volume of 19,661,373 shares, compared to its average volume of 14,784,964. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The stock has a fifty day moving average of $60.30 and a 200 day moving average of $85.13. The firm has a market capitalization of $60.83 billion, a P/E ratio of -41.42, a PEG ratio of 1.61 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the business posted $0.24 EPS. The firm's revenue was up 63.3% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's payout ratio is currently -42.11%.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Marvell Technology in the 4th quarter valued at about $234,000. Everhart Financial Group Inc. acquired a new stake in Marvell Technology in the 4th quarter valued at approximately $437,000. Union Bancaire Privee UBP SA bought a new stake in Marvell Technology in the 4th quarter valued at approximately $16,699,000. CIBC Asset Management Inc boosted its position in Marvell Technology by 3.5% during the 4th quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock worth $21,770,000 after acquiring an additional 6,699 shares during the last quarter. Finally, WD Rutherford LLC grew its stake in shares of Marvell Technology by 37.7% during the 4th quarter. WD Rutherford LLC now owns 25,158 shares of the semiconductor company's stock worth $2,779,000 after acquiring an additional 6,892 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on MRVL shares. Needham & Company LLC decreased their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Wells Fargo & Company lowered their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Redburn Atlantic began coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price target for the company. TD Cowen boosted their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Finally, Benchmark reiterated a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $94.73.

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.

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