Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Lowered by AtonRa Partners

AtonRa Partners reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 11.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,606 shares of the semiconductor company’s stock after selling 589 shares during the quarter. AtonRa Partners’ holdings in Marvell Technology were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MRVL. Adell Harriman & Carpenter Inc. boosted its holdings in shares of Marvell Technology by 25.5% during the fourth quarter. Adell Harriman & Carpenter Inc. now owns 32,593 shares of the semiconductor company’s stock worth $1,966,000 after purchasing an additional 6,625 shares during the period. Capital Investment Counsel Inc increased its holdings in Marvell Technology by 7.5% in the fourth quarter. Capital Investment Counsel Inc now owns 11,101 shares of the semiconductor company’s stock worth $670,000 after buying an additional 775 shares during the last quarter. Retirement Systems of Alabama bought a new stake in Marvell Technology during the fourth quarter worth approximately $4,885,000. Private Wealth Partners LLC bought a new stake in Marvell Technology during the fourth quarter worth approximately $598,000. Finally, Truist Financial Corp boosted its position in Marvell Technology by 28.7% during the fourth quarter. Truist Financial Corp now owns 938,605 shares of the semiconductor company’s stock worth $56,607,000 after purchasing an additional 209,559 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at $1,376,973.50. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,477,515 over the last 90 days. Insiders own 0.45% of the company’s stock.

Marvell Technology Trading Down 1.2 %

Marvell Technology stock traded down $0.87 during mid-day trading on Monday, hitting $68.75. The stock had a trading volume of 9,050,871 shares, compared to its average volume of 13,924,681. The stock has a 50-day simple moving average of $69.87 and a two-hundred day simple moving average of $62.73. The stock has a market capitalization of $59.54 billion, a PE ratio of -64.46, a P/E/G ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 12 month low of $38.63 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) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter last year, the business earned $0.34 earnings per share. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology declared that its board has authorized a stock buyback plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is -22.22%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MRVL. Raymond James increased their price objective on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. UBS Group upped their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. KeyCorp 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 Monday, April 8th. Finally, Morgan Stanley upped their target price on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

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.