Willem A. Meintjes Sells 1,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $71.55 on Thursday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $61.93 billion, a PE ratio of -63.32, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The stock has a fifty day moving average of $68.14 and a 200-day moving average of $69.78. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MRVL. Rosenblatt Securities lifted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group lifted their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.62.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC lifted its holdings in shares of 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 purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the 1st quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Quarry LP purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Finally, Optimum Investment Advisors acquired a new position in shares of Marvell Technology in the 1st quarter valued at about $35,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.