Marvell Technology, Inc. (NASDAQ:MRVL) CFO Sells $64,490.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) CFO Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Marvell Technology Stock Performance

Shares of MRVL traded down $2.09 during trading hours on Wednesday, hitting $63.82. The company's stock had a trading volume of 11,164,058 shares, compared to its average volume of 13,878,219. The business has a 50 day simple moving average of $69.93 and a two-hundred day simple moving average of $62.92. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The company has a market cap of $55.27 billion, a price-to-earnings ratio of -59.09, a PEG ratio of 5.03 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts' consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the business earned $0.34 EPS. Marvell Technology's revenue was up .6% compared to the same quarter last year. On average, equities analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has initiated a share repurchase program on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.38%. Marvell Technology's dividend payout ratio is currently -22.22%.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC increased its stake in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 141 shares during the last quarter. SJS Investment Consulting Inc. grew its holdings in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 155 shares in the last quarter. Buck Wealth Strategies LLC increased its position in shares of Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 425 shares during the last quarter. Optimum Investment Advisors purchased a new stake in Marvell Technology in the first quarter valued at approximately $35,000. Finally, Oliver Lagore Vanvalin Investment Group raised its stake in Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company's stock valued at $31,000 after purchasing an additional 165 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MRVL. Evercore ISI started coverage on Marvell Technology in a research report on Tuesday, April 16th. They set an "outperform" rating and a $88.00 target price on the stock. Barclays lifted their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, January 16th. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 7th. StockNews.com downgraded shares of Marvell Technology from a "hold" rating to a "sell" rating in a research note on Sunday. Finally, B. Riley reiterated a "buy" rating and set a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus price target of $81.13.

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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