Mark Casper Sells 12,460 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Marvell Technology Trading Up 2.8 %

Shares of NASDAQ MRVL traded up $1.59 during trading hours on Friday, reaching $58.92. The stock had a trading volume of 11,919,398 shares, compared to its average volume of 13,618,568. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The firm has a market cap of $51.03 billion, a price-to-earnings ratio of -34.66, a P/E/G ratio of 1.61 and a beta of 1.78. The business's fifty day moving average price is $68.53 and its two-hundred day moving average price is $90.58. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio is -23.53%.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its position in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Wellington Management Group LLP boosted its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC raised its holdings in Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $1,138,354,000. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on MRVL shares. Piper Sandler lowered their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Morgan Stanley dropped their target price on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group raised their price target on Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a report on Friday, January 10th. Bank of America dropped their price objective on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Raymond James set a $110.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $114.56.

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.