Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) Insider Sells 50,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Marvell Technology Stock Down 1.4 %

NASDAQ MRVL traded down $1.07 on Tuesday, reaching $73.84. The company had a trading volume of 9,080,203 shares, compared to its average volume of 12,840,534. The company’s fifty day moving average is $70.99 and its 200-day moving average is $69.04. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The firm has a market capitalization of $63.92 billion, a price-to-earnings ratio of -66.29, a price-to-earnings-growth ratio of 3.42 and a beta of 1.47. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.17 EPS. On average, research analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s payout ratio is presently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. SJS Investment Consulting Inc. grew its stake in 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 buying an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC lifted its holdings in shares of Marvell Technology by 56.4% during 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 period. Oliver Lagore Vanvalin Investment Group boosted its position in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology in the first quarter valued at approximately $31,000. Finally, Raleigh Capital Management Inc. raised its position in Marvell Technology by 532.3% during the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 527 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. KeyCorp boosted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Morgan Stanley lifted their price objective on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Barclays raised their target price on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $85.24.

Check Out Our Latest Report on Marvell Technology

Marvell Technology Company Profile

(Get Free Report)

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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