Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) fell 4.9% on Wednesday following insider selling activity. The stock was last trading at $71.56 and the last trade was $71.93. 1,408,620 shares traded during the trading session, a decline of 89% from the average session volume of 12,623,556 shares. The stock had previously closed at $75.60.
Specifically, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the sale, the executive vice president now directly owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the sale, the Executive Vice President now directly owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction 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 CFO now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold 102,500 shares of the company’s stock valued at $7,417,110 in the last ninety days. 0.33% of the shares are currently owned by insiders.
Wall Street analysts weigh in
MRVL has been the subject of several analyst reports. Morgan Stanley increased their price target on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research note on Friday, May 31st. B. Riley increased their price target on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Stifel Nicolaus increased their price target on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Barclays increased their price target on Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. Finally, KeyCorp increased their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of a “Moderate Buy” and a consensus price target of $85.24.
Read our latest stock report on Marvell Technology
Marvell Technology Trading Down 10.1%
The company has a quick ratio of 1.24, a current ratio of 1.80, and a debt-to-equity ratio of 0.28. The company has a market cap of $58.80 billion, a P/E ratio of -60.12, a P/E/G ratio of 3.49, and a beta of 1.47. The company’s 50-day simple moving average is $71.79 and its 200-day simple moving average is $69.59.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company’s quarterly revenue declined by 12.2% when compared to the same quarter last year. During the same quarter last year, the company earned $0.17 per share. As a group, research analysts predict that Marvell Technology, Inc. will post earnings of $0.75 per share for the current fiscal year.
Marvell Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31. Investors of record on Friday, July 12 will receive a $0.06 dividend. The ex-dividend date is Friday, July 12. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -21.24%.
Marvell Technology Institutional Trading
Several major investors have recently modified their holdings in MRVL. Norges Bank purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $511,215,000. Lazard Asset Management LLC increased its stake in Marvell Technology by 47,934.4% in the first 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. Brown Advisory Inc. increased its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd increased its stake in 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 worth $344,525,000 after purchasing an additional 2,908,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $181,559,000. Hedge funds and other institutional investors own 83.51% of the company’s shares.
Marvell Technology Company Profile
(Get the free report)
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions spanning the data center core to the network edge. The company develops and scales complex System-on-a-Chip architectures integrating analog, mixed and digital signal processing capabilities.
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