Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report ) fell 4.9% on Wednesday following insider selling activity. The stock traded as low as $71.56 and last traded at $71.93. 1,408,620 shares were traded during trading, down 89% from the session’s average trading volume of 12,623,556 shares. The stock closed at $75.60 earlier.
Specifically, Executive Vice President 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. 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 and Exchange Commission, which is available on the SEC’s website. In other news, Executive Vice President 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.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 and Exchange Commission, 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 Chief Financial Officer 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. In the last 90 days, insiders have sold 102,500 shares of the company’s stock for a total value of $7,417,110. 0.33% of the stock is currently owned by company insiders.
What Wall Street analysts are saying
MRVL has been the subject of numerous analyst reports. Morgan Stanley increased their price target on Marvel 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 Marvel 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 Marvel 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 Marvel Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. Finally, KeyCorp boosted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9. One research analyst has rated the stock with a sell rating, one has given a hold rating, and 21 have given a buy rating. Based on MarketBeat data, the company has an average rating of a “moderate buy” and a consensus price target of $85.24.
Read the latest stock report on Marvell Technology
Marvel Technology shares fell 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 capitalization of $58.8 billion, a P/E ratio of -60.12, a P/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 released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported quarterly earnings per share (EPS) of $0.24, hitting the consensus estimate of $0.24. The business had quarterly revenue of $1.16 billion, beating the consensus estimate of $1.15 billion. Marvell Technology had a net margin of -18.33% and a return on equity of +4.51%. The company’s quarterly revenue was down 12.2% year-over-year. Earnings per share for the same period last year were $0.17. Research analysts expect Marvell Technology, Inc. to post earnings per share of $0.75 for the current fiscal year.
Marvel Technology Dividend Announcement
The company also recently declared a quarterly dividend, which is scheduled to be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a dividend of $0.06. The ex-dividend date is Friday, July 12th. This equates to an annualized dividend of $0.24, for a dividend yield of 0.35%. Marvell Technology has a dividend payout ratio of -21.24%.
Marvel Technology Institutional Transaction
A number of large investors have recently modified their holdings in MRVL. Norges Bank purchased a new position in Marvell Technology shares 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 valued at $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 valued at $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 valued at $344,525,000 after purchasing an additional 2,908,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC acquired a new position in Marvell Technology shares in the first quarter valued at approximately $181,559,000. Hedge funds and other institutional investors own 83.51% of the company’s shares.
Marvel Technology Company Profile
(Get your free report)
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions ranging from the data center core to the network edge. The company develops and scales complex system-on-chip architectures that integrate analog, mixed-signal, and digital signal processing capabilities.
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