Executive Vice President of Marvell Technology, Inc., Mark Casper, sold 1,253 shares of the company’s stock on December 5, 2023, in a transaction valued at approximately $126,553.00. The shares were sold at an average price of $101.00, resulting in a 12.19% reduction in Casper’s total holdings. Following the sale, he retains 9,023 shares in the semiconductor firm, valued at around $911,323.
Marvell Technology’s stock has experienced a notable decline, trading down 7.0% on Monday to reach $92.00. The trading volume was significantly higher than usual, with 40,599,909 shares exchanged, compared to the average volume of 19,468,402 shares. Over the past year, the company’s stock has fluctuated between a low of $47.08 and a high of $127.48.
Financial Performance Overview
In its most recent earnings report, released on December 2, 2023, Marvell Technology reported earnings per share (EPS) of $0.76 for the quarter, exceeding analysts’ expectations of $0.74 by $0.02. The company achieved revenues of $2.07 billion, slightly surpassing the predicted $2.06 billion. This represented a year-over-year revenue increase of 36.8%, compared to $0.43 EPS in the same period last year.
The firm has provided guidance for its fourth quarter of fiscal year 2026, projecting an EPS range of $0.740 to $0.840. Analysts predict that Marvell will report an EPS of $0.91 for the current fiscal year.
Marvell’s stock performance is also reflected in its financial metrics, with a market capitalization of $78.03 billion, a price-to-earnings ratio of 32.28, and a debt-to-equity ratio of 0.28. The company’s current ratio stands at 2.01, while the quick ratio is 1.64.
Dividend and Institutional Interest
Recently, Marvell Technology announced a quarterly dividend of $0.06 per share, payable on October 30, 2023, to shareholders on record as of October 10, 2023. This translates to an annualized dividend of $0.24, representing a yield of 0.3%. The company’s dividend payout ratio is currently at 8.42%.
Institutional investors continue to show interest in Marvell, with several hedge funds adjusting their stakes in the company. For instance, Game Plan Financial Advisors LLC acquired a new stake valued at approximately $27,000 in the second quarter, while Atlantic Edge Private Wealth Management LLC increased its holdings by 160.0% during the third quarter. Notably, institutional investors collectively own 83.51% of Marvell Technology’s stock.
Market Analyst Insights
Recent assessments from equity research analysts reflect a mix of ratings for Marvell Technology. Summit Redstone set a target price of $105.00 on the stock, while Benchmark downgraded it from a “buy” to a “hold” rating. HSBC Global Research raised its rating to “hold,” alongside Raymond James Financial, which began coverage with a “strong-buy” rating and a price target of $121.00.
Overall, the consensus among analysts indicates a “Moderate Buy” rating with an average price target of $111.56, reflecting optimism despite the current stock decline. As Marvell Technology navigates market fluctuations, its performance will be closely monitored by investors and analysts alike.
