Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy Sells 30,000 Shares

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total value of $2,075,400.00. Following the completion of the transaction, the chief executive officer now directly owns 686,545 shares of the company’s stock, valued at $47,495,183.10. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Marvell Technology Stock Up 0.5 %

MRVL stock traded up $0.35 during midday trading on Friday, reaching $73.43. 1,882,330 shares of the company’s stock traded hands, compared to its average volume of 13,274,925. 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 firm’s fifty day moving average price is $68.73 and its 200-day moving average price is $64.29. Marvell Technology, Inc. has a 52 week low of $43.51 and a 52 week high of $85.76. The company has a market cap of $63.55 billion, a price-to-earnings ratio of -67.67, a P/E/G ratio of 5.05 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.73 earnings per share for the current fiscal year.

Marvell Technology announced that its board has approved a share repurchase plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often 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 was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is presently -22.22%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MRVL shares. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Wednesday, March 27th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Oppenheimer reissued an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.28.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently bought and sold shares of the stock. Buck Wealth Strategies LLC raised its holdings 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 valued at $25,000 after purchasing an additional 425 shares during the last quarter. SJS Investment Consulting Inc. increased its stake in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC boosted its stake in shares of 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 buying an additional 141 shares during the last quarter. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of 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 acquiring an additional 165 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology during the first quarter valued at approximately $31,000. 83.51% of the stock is currently owned by institutional investors.

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.