Investors Buy Large Volume of Marvell Technology Put Options (NASDAQ:MRVL)

Marvell Technology, Inc. (NASDAQ:MRVL) saw unusually large options trading activity on Tuesday. Stock investors bought 63,866 put options on the company. This is an increase of approximately 25% compared to the average daily volume of 51,074 put options.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders sold 65,500 shares of company stock valued at $4,872,620 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several institutional investors have recently modified their holdings of the stock. Bruce G. Allen Investments LLC boosted its position in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology in the first quarter valued at approximately $31,000. Quarry LP purchased a new position in shares of Marvell Technology during the second quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $32,000. Finally, Optimum Investment Advisors purchased a new stake in Marvell Technology in the 1st quarter valued at $35,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL opened at $70.87 on Thursday. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The stock has a market capitalization of $61.35 billion, a PE ratio of -62.72, a PEG ratio of 3.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock has a 50-day simple moving average of $68.20 and a 200-day simple moving average of $69.57.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results 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 4.26%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Analyst Ratings Changes

MRVL has been the topic of a number of research reports. KeyCorp increased their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Jefferies Financial Group began coverage on shares of Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Benchmark raised their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, B. Riley upped their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Two investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, 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.