Chris Koopmans Sells 6,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Marvell Technology Stock Down 4.1 %

MRVL stock traded down $3.45 during trading on Wednesday, reaching $79.90. The stock had a trading volume of 4,725,031 shares, compared to its average volume of 12,305,943. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company’s 50 day moving average is $72.81 and its two-hundred day moving average is $70.34. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $69.16 billion, a price-to-earnings ratio of -73.32, a P/E/G ratio of 3.17 and a beta of 1.45.

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

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Analyst Ratings Changes

MRVL has been the subject of a number of analyst reports. Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report 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 report on Friday, August 30th. The Goldman Sachs Group increased their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. KeyCorp boosted their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Institutional Trading of Marvell Technology

A number of hedge funds have recently made changes to their positions in the stock. Lazard Asset Management LLC boosted its holdings in shares of Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after purchasing an additional 3,993,414 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in shares of Marvell Technology in the first quarter worth about $181,559,000. Ameriprise Financial Inc. increased its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Swedbank AB raised its position in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares during the last quarter. Finally, Janus Henderson Group PLC grew its position in shares of Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

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.