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

Marvell Technology, Inc. (NASDAQ:MRVL) EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Marvell Technology Stock Up 0.3 %

Shares of NASDAQ:MRVL opened at $72.24 on Friday. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock has a market cap of $62.53 billion, a P/E ratio of -63.93, a P/E/G ratio of 3.12 and a beta of 1.46. The firm has a fifty day moving average price of $68.59 and a 200 day moving average price of $69.62.

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

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently modified their holdings of the stock. KBC Group NV raised its position in Marvell Technology by 59.1% during the 4th quarter. KBC Group NV now owns 250,597 shares of the semiconductor company’s stock worth $15,114,000 after buying an additional 93,066 shares during the last quarter. Jones Financial Companies Lllp raised its holdings in Marvell Technology by 2,486.2% during the fourth quarter. Jones Financial Companies Lllp now owns 1,500 shares of the semiconductor company’s stock worth $90,000 after purchasing an additional 1,442 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Marvell Technology by 14.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 404,917 shares of the semiconductor company’s stock valued at $24,431,000 after purchasing an additional 51,648 shares during the period. CIBC Asset Management Inc boosted its holdings in Marvell Technology by 2.4% in the 4th quarter. CIBC Asset Management Inc now owns 150,364 shares of the semiconductor company’s stock valued at $9,068,000 after purchasing an additional 3,489 shares in the last quarter. Finally, Belpointe Asset Management LLC increased its position in Marvell Technology by 7.7% during the 4th quarter. Belpointe Asset Management LLC now owns 7,819 shares of the semiconductor company’s stock worth $472,000 after purchasing an additional 557 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

MRVL has been the subject of several recent research reports. Evercore ISI lifted 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. Rosenblatt Securities boosted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Morgan Stanley raised their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.