Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company's stock, valued at approximately $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.
Marvell Technology Stock Down 3.2 %
Shares of NASDAQ MRVL opened at $63.82 on Thursday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. Marvell Technology, Inc. has a one year low of $38.63 and a one year high of $85.76. The company's fifty day moving average is $69.90 and its two-hundred day moving average is $62.93.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts' consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The firm's revenue was up .6% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.
Marvell Technology Dividend Announcement
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The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology's payout ratio is currently -22.22%.
Marvell Technology announced that its board has approved a share buyback 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 an indication that the company's board believes its shares are undervalued.
Institutional Trading of Marvell Technology
Large investors have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Marvell Technology during the 4th quarter worth $511,215,000. Matrix Capital Management Company LP raised its position in Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company's stock worth $712,720,000 after acquiring an additional 4,634,127 shares during the last quarter. Brown Advisory Inc. lifted its holdings in shares of Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company's stock valued at $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd grew its position in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company's stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company's stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms recently commented on MRVL. Summit Insights upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating in a research report on Friday, March 8th. KeyCorp dropped their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Monday, April 8th. Cantor Fitzgerald reiterated an "overweight" rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Needham & Company LLC reissued a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Finally, Barclays upped their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $81.13.
View Our Latest Stock Report on MRVL
About Marvell Technology
(
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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.
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