Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 19.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,047,070 shares of the semiconductor company’s stock after selling 1,481,328 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.70% of Marvell Technology worth $422,690,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bruce G. Allen Investments LLC increased its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the first quarter valued at approximately $31,000. Optimum Investment Advisors acquired a new position in Marvell Technology during the first quarter worth $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology in the first quarter valued at approximately $35,000. Finally, Bogart Wealth LLC lifted its position in shares of Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now owns 20,450 shares in the company, valued at $1,432,931.50. The disclosure for this sale can be found here. Insiders sold 152,500 shares of company stock worth $11,328,240 in the last 90 days. 0.33% of the stock is owned by company insiders.

Marvell Technology Stock Down 1.5 %

MRVL opened at $73.40 on Tuesday. The business’s fifty day simple moving average is $68.26 and its 200 day simple moving average is $69.79. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The firm has a market cap of $63.54 billion, a P/E ratio of -64.96, a PEG ratio of 3.29 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Analysts Set New Price Targets

Several brokerages have weighed in on MRVL. Bank of America lifted their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology 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.