Marvell Technology, Inc. $MRVL Stock Position Lowered by Shelton Capital Management

Shelton Capital Management decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.6% in the second quarter, HoldingsChannel reports. The firm owned 97,858 shares of the semiconductor company’s stock after selling 2,661 shares during the period. Shelton Capital Management’s holdings in Marvell Technology were worth $7,574,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Taylor Frigon Capital Management LLC increased its stake in shares of Marvell Technology by 16.5% in the second quarter. Taylor Frigon Capital Management LLC now owns 33,605 shares of the semiconductor company’s stock worth $2,601,000 after acquiring an additional 4,748 shares during the last quarter. Waterfront Wealth Inc. raised its position in shares of Marvell Technology by 21.5% in the second quarter. Waterfront Wealth Inc. now owns 18,394 shares of the semiconductor company’s stock valued at $1,424,000 after purchasing an additional 3,258 shares during the period. BOCHK Asset Management Ltd bought a new position in Marvell Technology in the 2nd quarter worth $1,486,000. Westbourne Investments Inc. lifted its position in shares of Marvell Technology by 442.4% during the 2nd quarter. Westbourne Investments Inc. now owns 21,695 shares of the semiconductor company’s stock worth $1,679,000 after purchasing an additional 17,695 shares during the last quarter. Finally, Triton Financial Group Inc acquired a new position in shares of Marvell Technology during the second quarter worth approximately $1,543,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, CFO Willem A. Meintjes acquired 3,400 shares of the company’s stock in a transaction dated Thursday, September 25th. The stock was bought at an average price of $78.03 per share, with a total value of $265,302.00. Following the completion of the acquisition, the chief financial officer owned 132,159 shares in the company, valued at approximately $10,312,366.77. This represents a 2.64% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew J. Murphy bought 13,600 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was purchased at an average price of $77.09 per share, with a total value of $1,048,424.00. Following the purchase, the chief executive officer directly owned 268,637 shares of the company’s stock, valued at $20,709,226.33. The trade was a 5.33% increase in their position. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 27,200 shares of company stock worth $2,109,632 over the last 90 days. 0.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wall Street Zen upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Hsbc Global Res raised Marvell Technology to a “hold” rating in a report on Monday, November 24th. Benchmark reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 29th. Wells Fargo & Company cut their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Friday, August 29th. Finally, Cantor Fitzgerald reiterated a “neutral” rating and set a $75.00 price target on shares of Marvell Technology in a research note on Friday, August 29th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $94.72.

Marvell Technology Price Performance

Marvell Technology stock opened at $91.10 on Tuesday. The business has a 50 day simple moving average of $86.38 and a 200 day simple moving average of $76.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The company has a market capitalization of $78.54 billion, a PE ratio of -700.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

Marvell Technology announced that its board has authorized a share buyback plan on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 7.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 30th. Shareholders of record on Friday, October 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. Marvell Technology’s dividend payout ratio (DPR) is presently -184.62%.

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.