Willem A. Meintjes Sells 1,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the sale, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $12.53 on Tuesday, reaching $112.25. 32,129,573 shares of the company were exchanged, compared to its average volume of 12,578,731. 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, Inc. has a 1-year low of $53.19 and a 1-year high of $126.15. The firm has a market cap of $97.13 billion, a price-to-earnings ratio of -66.03, a price-to-earnings-growth ratio of 3.72 and a beta of 1.46. The company has a 50-day moving average of $91.00 and a 200-day moving average of $77.15.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given 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 dividend yield of 0.21%. Marvell Technology’s payout ratio is -14.12%.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently bought and sold shares of the company. State Street Corp boosted its position in shares of Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC lifted its stake in Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after buying an additional 219,692 shares in the last quarter. Wellington Management Group LLP increased its position in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after buying an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on MRVL. B. Riley upped their target price on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and set a $120.00 price objective (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Benchmark reaffirmed a “buy” rating and issued a $135.00 target price (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Citigroup raised their price objective on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Susquehanna upped their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.04.

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.