International Assets Investment Management LLC trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 8.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 8,478 shares of the semiconductor company’s stock after selling 802 shares during the quarter. International Assets Investment Management LLC’s holdings in Marvell Technology were worth $511,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Matrix Capital Management Company LP grew its holdings in shares of Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after buying an additional 4,634,127 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the last quarter. Wellington Management Group LLP increased its holdings in Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after purchasing an additional 2,115,366 shares in the last quarter. Alkeon Capital Management LLC purchased a new stake in shares of Marvell Technology in the third quarter worth approximately $102,847,000. Finally, Rokos Capital Management LLP boosted its position in shares of Marvell Technology by 176.5% during the third quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after buying an additional 930,158 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.
Insider Activity
In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.44, for a total value of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares of the company’s stock, valued at $7,581,933.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.44, for a total value of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares of the company’s stock, valued at $7,581,933.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the sale, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock worth $7,522,055. 0.33% of the stock is currently owned by insiders.
Analyst Ratings Changes
MRVL has been the subject of a number of analyst reports. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. UBS Group raised their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research report on Monday, February 26th. KeyCorp reduced their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Oppenheimer reiterated an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Finally, TD Cowen boosted their target price on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $81.28.
Check Out Our Latest Analysis on MRVL
Marvell Technology Price Performance
MRVL stock opened at $74.47 on Tuesday. The firm has a 50 day moving average of $68.70 and a 200-day moving average of $64.89. The firm has a market capitalization of $64.45 billion, a P/E ratio of -68.95, a price-to-earnings-growth ratio of 5.18 and a beta of 1.48. Marvell Technology, Inc. has a 12 month low of $45.00 and a 12 month high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the business earned $0.34 EPS. The business’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.73 earnings per share for the current fiscal year.
Marvell Technology announced that its Board of Directors has authorized a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Marvell Technology Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s payout ratio is currently -22.22%.
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.
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