Sunbelt Securities Inc. Sells 719 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sunbelt Securities Inc. lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.3% in the 1st quarter, Holdings Channel reports. The firm owned 2,659 shares of the semiconductor company’s stock after selling 719 shares during the period. Sunbelt Securities Inc.’s holdings in Marvell Technology were worth $188,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter valued at $511,215,000. Brown Advisory Inc. grew its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after acquiring an additional 3,036,495 shares during the period. Aspex Management HK Ltd increased its holdings in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after acquiring an additional 2,908,912 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of 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 valued at $246,194,000 after purchasing an additional 2,115,366 shares in the last quarter. Finally, Alkeon Capital Management LLC acquired a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $102,847,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the sale, the executive vice president now owns 109,117 shares in the company, valued at approximately $7,774,586.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the sale, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders sold a total of 79,500 shares of company stock valued at $5,504,065 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Up 1.7 %

Marvell Technology stock opened at $69.90 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The company’s 50-day moving average is $70.26 and its 200-day moving average is $68.32. The firm has a market capitalization of $60.51 billion, a PE ratio of -61.86, a P/E/G ratio of 3.24 and a beta of 1.46. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the business earned $0.17 earnings per share. The business’s revenue was down 12.2% compared to the same quarter last year. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio is -21.24%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research analyst reports. Stifel Nicolaus raised their target price on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. B. Riley boosted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Evercore ISI increased their price objective on Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

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.