Monday, July 15, 2024

Marvell Technology, Inc. (NASDAQ:MRVL) Insider Muhammad Raghib Hussain Sells 50,000 Shares of Stock

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Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Marvell Technology Trading Down 1.4 %

Shares of Marvell Technology stock opened at $73.84 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The firm has a market cap of $63.92 billion, a PE ratio of -65.35, a PEG ratio of 3.42 and a beta of 1.47. The company has a 50 day simple moving average of $71.15 and a two-hundred day simple moving average of $69.14.

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

Marvell Technology Announces Dividend

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

Analyst Ratings Changes

Several brokerages have weighed in on MRVL. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Evercore ISI boosted their price objective on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. Citigroup reiterated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Jefferies Financial Group began coverage on shares of Marvell Technology in a research note on Monday, May 13th. They set a “buy” rating and a $85.00 price target on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $85.24.

View Our Latest Stock Analysis on Marvell Technology

Institutional Trading of Marvell Technology

Hedge funds have recently bought and sold shares of the company. Benjamin F. Edwards & Company Inc. raised its stake in shares of Marvell Technology by 157.3% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 472 shares in the last quarter. Hoylecohen LLC bought a new stake in Marvell Technology in the fourth quarter worth $658,000. US Bancorp DE boosted its position in Marvell Technology by 8.6% during the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock valued at $11,178,000 after buying an additional 14,651 shares during the period. Franklin Resources Inc. grew its stake in shares of Marvell Technology by 6.2% during the fourth quarter. Franklin Resources Inc. now owns 3,199,865 shares of the semiconductor company’s stock valued at $192,984,000 after buying an additional 187,998 shares during the last quarter. Finally, Centaurus Financial Inc. lifted its stake in shares of Marvell Technology by 6.1% in the 4th quarter. Centaurus Financial Inc. now owns 4,513 shares of the semiconductor company’s stock valued at $272,000 after acquiring an additional 260 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

(Get Free Report)

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.

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