Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 627,973 shares of the semiconductor company’s stock after selling 24,010 shares during the quarter. TimesSquare Capital Management LLC owned 0.07% of Marvell Technology worth $37,873,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in MRVL. FMR LLC boosted its position in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after buying an additional 421,622 shares during the period. Vanguard Group Inc. raised its position in Marvell Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock worth $3,813,546,000 after purchasing an additional 477,731 shares in the last quarter. Matrix Capital Management Company LP boosted its stake in shares of Marvell Technology by 54.3% in the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Invesco Ltd. grew its position in Marvell Technology by 9.2% during the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after acquiring an additional 698,359 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its position in shares of Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MRVL. UBS Group boosted 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 dropped their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, April 8th. Morgan Stanley boosted their price objective on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Oppenheimer reissued an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Insider Transactions at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. Over the last three months, insiders have sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is currently owned by insiders.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $0.43 during trading hours on Thursday, reaching $67.68. 13,646,566 shares of the stock traded hands, compared to its average volume of 13,571,967. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a one year low of $39.23 and a one year high of $85.76. The firm has a market capitalization of $58.61 billion, a price-to-earnings ratio of -63.53, a P/E/G ratio of 5.01 and a beta of 1.48. The company has a 50 day moving average price of $69.88 and a 200 day moving average price of $63.51.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue was up .6% on a year-over-year basis. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology announced that its board has authorized a stock repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.