Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by MJP Associates Inc. ADV

MJP Associates Inc. ADV lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.5% in the 1st quarter, Holdings Channel reports. The fund owned 10,189 shares of the semiconductor company’s stock after selling 2,792 shares during the period. MJP Associates Inc. ADV’s holdings in Marvell Technology were worth $627,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Marvell Technology in the fourth quarter worth $1,138,354,000. GQG Partners LLC purchased a new position in shares of Marvell Technology in the 4th quarter valued at about $802,410,000. Nuveen Asset Management LLC lifted its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Wellington Management Group LLP boosted its holdings in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after buying an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. grew its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and set a $85.00 price target (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Loop Capital decreased their target price on Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Rosenblatt Securities reissued a “buy” rating and issued a $124.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Citigroup dropped their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, B. Riley reiterated a “buy” rating and issued a $115.00 price objective (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. Seven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.47.

Marvell Technology Trading Up 1.5%

NASDAQ MRVL opened at $73.36 on Friday. The company has a market cap of $63.37 billion, a P/E ratio of -128.70, a P/E/G ratio of 0.78 and a beta of 1.81. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company has a 50-day moving average of $67.59 and a 200-day moving average of $80.84.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. Marvell Technology’s revenue was up 63.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 earnings per share. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -42.11%.

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,286 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the transaction, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer owned 92,065 shares of the company’s stock, valued at $5,993,431.50. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate insiders own 0.19% of the company’s stock.

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.