Meiji Yasuda Asset Management Co Ltd. Sells 340 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Meiji Yasuda Asset Management Co Ltd. lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,881 shares of the semiconductor company’s stock after selling 340 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Marvell Technology were worth $830,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MRVL. Mercer Global Advisors Inc. ADV raised its position in shares of Marvell Technology by 21.6% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock valued at $2,344,000 after buying an additional 5,969 shares in the last quarter. Argent Trust Co raised its position in Marvell Technology by 4.2% during the second quarter. Argent Trust Co now owns 6,753 shares of the semiconductor company’s stock valued at $472,000 after purchasing an additional 275 shares in the last quarter. Lingotto Investment Management LLP bought a new stake in Marvell Technology during the second quarter worth $2,097,000. Andar Capital Management HK Ltd boosted its holdings in shares of Marvell Technology by 12.5% in the 2nd quarter. Andar Capital Management HK Ltd now owns 67,500 shares of the semiconductor company’s stock valued at $4,718,000 after purchasing an additional 7,500 shares in the last quarter. Finally, E Fund Management Co. Ltd. increased its stake in shares of Marvell Technology by 7.9% in the 2nd quarter. E Fund Management Co. Ltd. now owns 7,803 shares of the semiconductor company’s stock valued at $545,000 after purchasing an additional 572 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on 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 owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,000 shares of company stock worth $11,878,785. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on MRVL. Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America raised their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Finally, Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 1.3 %

MRVL opened at $73.87 on Friday. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company has a fifty day moving average of $68.20 and a 200-day moving average of $69.78. The stock has a market cap of $63.94 billion, a PE ratio of -65.37, a price-to-earnings-growth 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 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 EPS. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Marvell Technology Company 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.