Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper Sells 2,500 Shares

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded up $1.73 during mid-day trading on Wednesday, reaching $72.04. 10,872,022 shares of the company were exchanged, compared to its average volume of 12,464,416. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company’s 50 day moving average price is $68.43 and its 200 day moving average price is $69.60. The stock has a market capitalization of $62.36 billion, a PE ratio of -64.19, a PEG ratio of 3.12 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Institutional Trading of Marvell Technology

Institutional investors have recently added to or reduced their stakes in the business. Davidson Kempner Capital Management LP grew its holdings in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Diversified Trust Co bought a new position in shares of Marvell Technology during the second quarter valued at about $932,000. Orion Portfolio Solutions LLC boosted its holdings in shares of Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after purchasing an additional 10,306 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after purchasing an additional 88,918 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MRVL has been the topic of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Benchmark raised their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Morgan Stanley upped their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Barclays upped their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.