Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by SlateStone Wealth LLC

SlateStone Wealth LLC trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 78.7% during the fourth quarter, Holdings Channel reports. The firm owned 3,716 shares of the semiconductor company’s stock after selling 13,718 shares during the quarter. SlateStone Wealth LLC’s holdings in Marvell Technology were worth $224,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. IFP Advisors Inc increased its holdings in Marvell Technology by 11.0% in the third quarter. IFP Advisors Inc now owns 6,389 shares of the semiconductor company’s stock valued at $346,000 after buying an additional 634 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in shares of Marvell Technology by 5.7% during the third quarter. DAVENPORT & Co LLC now owns 237,131 shares of the semiconductor company’s stock worth $12,836,000 after purchasing an additional 12,768 shares during the last quarter. Redwood Wealth Management Group LLC grew its holdings in shares of Marvell Technology by 17.3% during the third quarter. Redwood Wealth Management Group LLC now owns 5,423 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 800 shares during the last quarter. LaFleur & Godfrey LLC grew its holdings in shares of Marvell Technology by 17.0% during the third quarter. LaFleur & Godfrey LLC now owns 128,641 shares of the semiconductor company’s stock worth $6,963,000 after purchasing an additional 18,692 shares during the last quarter. Finally, Caprock Group LLC grew its holdings in shares of Marvell Technology by 7.5% during the third quarter. Caprock Group LLC now owns 4,755 shares of the semiconductor company’s stock worth $257,000 after purchasing an additional 330 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MRVL has been the subject of several recent research reports. B. Riley reiterated a “buy” rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. UBS Group lifted their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Finally, Evercore ISI assumed coverage on shares of Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Insider Buying and Selling at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

Marvell Technology stock traded up $1.37 during mid-day trading on Wednesday, reaching $65.23. The company had a trading volume of 1,624,170 shares, compared to its average volume of 13,937,221. 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 52 week low of $36.90 and a 52 week high of $85.76. The company has a 50 day moving average of $69.97 and a 200-day moving average of $62.40. The firm has a market cap of $56.49 billion, a price-to-earnings ratio of -59.13, a PEG ratio of 4.60 and a beta of 1.50.

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. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.34 EPS. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is presently -22.22%.

Marvell Technology declared that its board has initiated a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.