AE Wealth Management LLC Trims Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• AE Wealth Management LLC has reduced its holdings in Marvell Technology, Inc. by 9.5%, selling 4,462 shares to end up with 42,474 shares valued at approximately $2.615 million.
• Wall Street analysts have varying ratings on Marvell, with a consensus rating of "Moderate Buy" and a price target averaging $94.47, despite some analysts lowering their price objectives.
• Marvell Technology reported $1.90 billion in revenue for the last quarter, up 63.3% year-over-year, with earnings per share of $0.62 exceeding analysts' expectations.

AE Wealth Management LLC reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 9.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,474 shares of the semiconductor company's stock after selling 4,462 shares during the quarter. AE Wealth Management LLC's holdings in Marvell Technology were worth $2,615,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Marvell Technology in the fourth quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC boosted its position in shares of Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after acquiring an additional 206 shares during the period. Yousif Capital Management LLC boosted its position in shares of Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after acquiring an additional 1,164 shares during the period. Sargent Investment Group LLC lifted its position in Marvell Technology by 55.7% during the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after purchasing an additional 4,792 shares during the last quarter. Finally, Edgestream Partners L.P. lifted its position in Marvell Technology by 1,480.2% during the first quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock valued at $3,747,000 after purchasing an additional 57,002 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares of the company's stock, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Panteha Dixon sold 1,286 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the sale, the chief accounting officer directly owned 32,094 shares of the company's stock, valued at $2,086,110. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,934 shares of company stock worth $1,187,826 in the last 90 days. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research analyst reports. Benchmark reiterated a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. Redburn Atlantic initiated coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price for the company. B. Riley reiterated a "buy" rating and set a $115.00 target price (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. Evercore ISI dropped their target price on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $75.00 target price for the company. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Up 0.2%

Marvell Technology stock traded up $0.17 during mid-day trading on Friday, reaching $74.21. The stock had a trading volume of 9,813,678 shares, compared to its average volume of 16,248,888. The company has a market capitalization of $64.10 billion, a price-to-earnings ratio of -130.19, a PEG ratio of 0.80 and a beta of 1.81. The company has a 50-day moving average price of $69.95 and a two-hundred day moving average price of $77.67. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. Marvell Technology's revenue was up 63.3% on a year-over-year basis. On average, analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

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.