Willem A. Meintjes Sells 1,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Marvell Technology Trading Up 0.7 %

NASDAQ MRVL opened at $89.34 on Wednesday. The company has a market capitalization of $79.17 billion, a price-to-earnings ratio of -80.49, a price-to-earnings-growth ratio of 3.82 and a beta of 1.44. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The company’s fifty day moving average price is $79.64 and its two-hundred day moving average price is $73.10. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

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

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Wall Street Analyst Weigh In

MRVL has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI increased their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Loop Capital initiated coverage on shares of Marvell Technology in a research report on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective for the company. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently bought and sold shares of the stock. M&T Bank Corp increased its stake in Marvell Technology by 0.5% during the 3rd quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company’s stock valued at $6,275,000 after buying an additional 448 shares during the period. TCW Group Inc. boosted its holdings in shares of Marvell Technology by 21.4% during the third quarter. TCW Group Inc. now owns 303,966 shares of the semiconductor company’s stock worth $21,922,000 after purchasing an additional 53,641 shares during the period. TD Private Client Wealth LLC boosted its holdings in shares of Marvell Technology by 5.6% during the third quarter. TD Private Client Wealth LLC now owns 25,970 shares of the semiconductor company’s stock worth $1,873,000 after purchasing an additional 1,378 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Marvell Technology by 32.9% during the third quarter. Toronto Dominion Bank now owns 124,866 shares of the semiconductor company’s stock worth $9,005,000 after purchasing an additional 30,893 shares during the period. Finally, Coldstream Capital Management Inc. raised its position in Marvell Technology by 110.7% during the third quarter. Coldstream Capital Management Inc. now owns 11,228 shares of the semiconductor company’s stock valued at $810,000 after acquiring an additional 5,898 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.