Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) CEO Sells $2,064,600.00 in Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Marvell Technology Trading Down 4.8 %

NASDAQ:MRVL opened at $62.13 on Friday. The company’s 50 day moving average price is $70.12 and its 200-day moving average price is $62.20. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock has a market cap of $53.80 billion, a price-to-earnings ratio of -57.53, a PEG ratio of 4.86 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS 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 firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the company posted $0.34 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities research analysts forecast 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 stock buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Core Wealth Partners LLC boosted its holdings in Marvell Technology by 12.9% in the first quarter. Core Wealth Partners LLC now owns 4,745 shares of the semiconductor company’s stock worth $336,000 after purchasing an additional 544 shares during the last quarter. First Trust Direct Indexing L.P. boosted its holdings in Marvell Technology by 28.8% in the first quarter. First Trust Direct Indexing L.P. now owns 9,108 shares of the semiconductor company’s stock worth $646,000 after purchasing an additional 2,034 shares during the last quarter. Kovack Advisors Inc. boosted its holdings in Marvell Technology by 4.8% in the first quarter. Kovack Advisors Inc. now owns 4,222 shares of the semiconductor company’s stock worth $299,000 after purchasing an additional 192 shares during the last quarter. Norden Group LLC purchased a new stake in Marvell Technology in the first quarter worth approximately $2,374,000. Finally, Bourgeon Capital Management LLC boosted its holdings in Marvell Technology by 12,347.6% in the first quarter. Bourgeon Capital Management LLC now owns 126,966 shares of the semiconductor company’s stock worth $8,999,000 after purchasing an additional 125,946 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. TD Cowen upped their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. B. Riley reissued a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average 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.