Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now owns 112,711 shares of the company's stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.
MRVL stock traded down $12.53 during midday trading on Tuesday, hitting $112.25. The company's stock had a trading volume of 32,129,573 shares, compared to its average volume of 12,578,731. The company's fifty day moving average price is $91.00 and its 200 day moving average price is $77.15. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a twelve month low of $53.19 and a twelve month high of $126.15. The stock has a market capitalization of $97.13 billion, a P/E ratio of -66.03, a PEG ratio of 3.72 and a beta of 1.46.
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Marvell Technology's payout ratio is -14.12%.
A number of research analysts recently commented on MRVL shares. Cantor Fitzgerald raised their price objective on shares of Marvell Technology from $120.00 to $135.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. TD Cowen increased their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Susquehanna upped their price target on Marvell Technology from $110.00 to $125.00 and gave the company a "positive" rating in a report on Wednesday, December 4th. StockNews.com raised Marvell Technology from a "sell" rating to a "hold" rating in a research report on Monday, December 2nd. Finally, B. Riley lifted their price target on Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average price target of $119.04.
View Our Latest Research Report on Marvell Technology
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Davidson Kempner Capital Management LP increased its position in Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock worth $17,482,000 after buying an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. acquired a new position in shares of Marvell Technology in the third quarter valued at approximately $16,435,000. Charles Schwab Investment Management Inc. boosted its position in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock valued at $235,247,000 after acquiring an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. grew its position in shares of Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company's stock worth $206,418,000 after purchasing an additional 535,203 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in Marvell Technology in the 3rd quarter valued at $3,432,000. 83.51% of the stock is owned by institutional investors.
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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