Insider Selling: Marvell Technology, Inc. (NASDAQ:MRVL) EVP Sells 2,500 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now owns 20,450 shares of the company’s stock, valued at approximately $1,432,931.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Mark Casper also recently made the following trade(s):

• On Friday, April 19th, Mark Casper sold 2,500 shares of Marvell Technology stock. The stock was sold at an average price of $64.75, for a total value of $161,875.00.

Marvell Technology Price Performance

MRVL opened at $72.20 on Friday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The business’s 50 day moving average price is $70.82 and its 200 day moving average price is $68.71. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

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

Marvell Technology declared that its board has approved a share repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. SJS Investment Consulting Inc. lifted 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 purchasing an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC increased its holdings in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the last quarter. Oliver Lagore Vanvalin Investment Group increased its position in shares of Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter worth about $31,000. Finally, Raleigh Capital Management Inc. increased its position in shares of Marvell Technology by 532.3% during the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $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 equities research analysts have commented on the company. TD Cowen boosted their price objective on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Oppenheimer reiterated an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $85.00.

About Marvell Technology

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.