Matthew J. Murphy Sells 30,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the sale, the chief executive officer now owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Marvell Technology Trading Down 1.9 %

Shares of NASDAQ:MRVL opened at $65.24 on Friday. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76. The company has a market capitalization of $56.50 billion, a P/E ratio of -60.41, a price-to-earnings-growth ratio of 4.99 and a beta of 1.50. The company has a 50-day simple moving average of $70.25 and a 200 day simple moving average of $62.15. 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 (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology’s dividend payout ratio is currently -22.22%.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Quilter Plc bought a new position in shares of Marvell Technology during the first quarter worth approximately $248,250,000. Bruce G. Allen Investments LLC increased its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. SRS Capital Advisors Inc. increased its holdings in shares of Marvell Technology by 216.2% during the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 281 shares during the period. SJS Investment Consulting Inc. increased its holdings in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Finally, Buck Wealth Strategies LLC increased its holdings in shares of Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent analyst reports. Roth Mkm restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Barclays increased their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Evercore ISI began coverage on Marvell Technology in a report on Tuesday. They set an “outperform” rating and a $88.00 target price for the company. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $81.13.

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.