Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 19.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 6,047,070 shares of the semiconductor company’s stock after selling 1,481,328 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Marvell Technology were worth $422,690,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MRVL. Bruce G. Allen Investments LLC grew its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology in the first quarter worth about $31,000. Optimum Investment Advisors acquired a new position in Marvell Technology in the first quarter valued at approximately $35,000. Mark Sheptoff Financial Planning LLC bought a new position in shares of Marvell Technology during the first quarter valued at approximately $35,000. Finally, Bogart Wealth LLC lifted its holdings in shares of Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $73.40 on Tuesday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market cap of $63.54 billion, a PE ratio of -64.96, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company’s 50-day moving average price is $68.26 and its two-hundred day moving average price is $69.79.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Rosenblatt Securities upped their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI boosted their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One 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’s stock. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Insider Transactions at Marvell Technology

In related news, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the transaction, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the transaction, the director now owns 1,923 shares in the company, valued at $135,013.83. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology 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 transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold 152,500 shares of company stock valued at $11,328,240 over the last three months. Company insiders own 0.33% of the company’s stock.

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.