Shares of semiconductor maker Marvell Technology (MRVL) are up 4% on reports that several executives, including CEO Matthew Murphy, have bought company stock.
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According to filings with the U.S. Securities and Exchange Commission (SEC), Murphy bought 13,600 shares of MRVL stock at an average price of $77.09 each, representing a total investment of $1.05 million. The transaction increased Murphy’s direct ownership of MRVL stock to 268,637 shares worth $22.4 million.
However, Murphy is not the only Marvell executive to buy company stock on the open market. Chief Financial Officer (CFO) Willem Meintjes acquired 3,400 shares at $78.03 per share, worth $265,300, and bringing his total holdings of MRVL stock to 132,159 shares valued at $10.9 million.
Buying Spree
Additionally, President and COO Chris Koopmans acquired 6,800 shares at $78.03 each through a family trust, for an investment of $530,600. The Christopher R. Koopmans Family Trust now holds 104,825 MRVL shares worth $8.7 million. Other executives also recently purchased company stock.
The combined purchases by Marvell Technology executives total about $2.1 million and signal bullish confidence in the company and its prospects. The stock purchases by senior executives come as MRVL stock has fallen 24% this year. However, the shares have rebounded and risen 14% over the past month. The company recently announced a new $5 billion stock buyback plan.
Is MRVL Stock a Buy?
The stock of Marvell Technology has a consensus Strong Buy rating among 32 Wall Street analysts. That rating is based on 24 Buy and eight Hold recommendations issued in the last three months. The average MRVL price target of $88.37 implies 6.09% upside from current levels.
