Jackson Square Capital LLC Has $234,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Jackson Square Capital LLC reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 87.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,808 shares of the semiconductor company’s stock after selling 27,676 shares during the period. Jackson Square Capital LLC’s holdings in Marvell Technology were worth $234,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at $27,000. Lee Danner & Bass Inc. acquired a new position in Marvell Technology in the 4th quarter valued at $35,000. Capital Analysts LLC raised its holdings in Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 241 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in Marvell Technology in the 4th quarter valued at $44,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Stifel Nicolaus dropped their price objective on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $60.00 price objective on shares of Marvell Technology in a report on Friday, May 30th. Morgan Stanley boosted their price target on Marvell Technology from $70.00 to $73.00 and gave the stock an “equal weight” rating in a report on Friday, May 30th. Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Finally, Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $94.73.

Marvell Technology Stock Down 3.5%

MRVL stock opened at $67.19 on Friday. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average is $60.30 and its 200-day moving average is $85.20. The firm has a market capitalization of $58.04 billion, a PE ratio of -39.52, a P/E/G ratio of 1.61 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was up 63.3% on a year-over-year basis. Sell-side analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology’s dividend payout ratio (DPR) is currently -42.11%.

Insider Buying and Selling

In related news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $412,980.00. Following the sale, the chief operating officer now directly owns 81,931 shares in the company, valued at approximately $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. 0.19% of the stock is owned by company insiders.

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.