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 stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the sale, the executive vice president now directly owns 20,450 shares in the company, valued at $1,432,931.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Mark Casper also recently made the following trade(s):

• On Friday, April 19th, Mark Casper sold 2,500 shares of Marvell Technology stock. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00.

Marvell Technology Trading Up 0.8 %

MRVL opened at $72.20 on Thursday. The stock has a 50-day moving average price of $70.72 and a 200-day moving average price of $68.69. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. Marvell Technology’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.17 EPS. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Marvell Technology declared that its board has initiated a stock repurchase program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently modified their holdings of the stock. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the last quarter. Trueblood Wealth Management LLC raised its position in Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after buying an additional 152 shares during the last quarter. SJS Investment Consulting Inc. raised its position in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares during the last quarter. Blue Trust Inc. raised its position in Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after buying an additional 155 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after buying an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Evercore ISI raised their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. B. Riley raised their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Barclays lifted their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, May 31st. Finally, Morgan Stanley lifted their price target on shares of Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

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.