Daniel Durn Acquires 1,425 Shares of Marvell Technology, Inc. (NASDAQ:MRVL) Stock

Marvell Technology, Inc. (NASDAQ:MRVL) Director Daniel Durn bought 1,425 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was purchased at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Marvell Technology Stock Performance

MRVL opened at $68.27 on Thursday. 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 business’s 50 day moving average is $70.03 and its 200-day moving average is $68.21. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business earned $0.17 EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. Equities research analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology declared that its board has initiated a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a $0.06 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -21.24%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MRVL. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. TD Cowen increased their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. Barclays lifted their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Finally, KeyCorp dropped their target price on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MRVL. Mariner LLC grew its stake in shares of Marvell Technology by 11.6% in the third quarter. Mariner LLC now owns 72,073 shares of the semiconductor company’s stock worth $3,902,000 after purchasing an additional 7,497 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its holdings in Marvell Technology by 10.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 2,104 shares of the semiconductor company’s stock worth $114,000 after acquiring an additional 198 shares during the period. Meiji Yasuda Asset Management Co Ltd. raised its position in Marvell Technology by 15.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 9,591 shares of the semiconductor company’s stock worth $519,000 after acquiring an additional 1,280 shares in the last quarter. Natixis Advisors L.P. lifted its holdings in Marvell Technology by 12.3% in the 3rd quarter. Natixis Advisors L.P. now owns 591,216 shares of the semiconductor company’s stock valued at $32,002,000 after acquiring an additional 64,616 shares during the last quarter. Finally, Consolidated Portfolio Review Corp boosted its position in shares of Marvell Technology by 6.8% during the 3rd quarter. Consolidated Portfolio Review Corp now owns 4,036 shares of the semiconductor company’s stock valued at $218,000 after purchasing an additional 257 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.