Allspring Global Investments Holdings LLC Has $94.86 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Allspring Global Investments Holdings LLC decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 0.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,513,568 shares of the semiconductor company's stock after selling 3,877 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.17% of Marvell Technology worth $94,855,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter worth approximately $27,000. Security National Bank purchased a new stake in Marvell Technology in the first quarter valued at approximately $31,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology in the fourth quarter valued at approximately $35,000. Capital Analysts LLC lifted its stake in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after buying an additional 241 shares during the last quarter. Finally, Garde Capital Inc. purchased a new stake in Marvell Technology in the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $2.81 on Friday, hitting $77.16. The company had a trading volume of 27,213,956 shares, compared to its average volume of 15,462,619. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The business has a 50 day moving average of $64.38 and a 200 day moving average of $83.06. The company has a market cap of $66.65 billion, a PE ratio of -135.37, a PEG ratio of 0.84 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MRVL. Loop Capital reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Piper Sandler reiterated an "overweight" rating and issued a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. KeyCorp reduced their price objective on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Melius cut Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research note on Thursday, May 22nd. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Insider Activity

In related news, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer now owns 29,572 shares of the company's stock, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares in the company, valued at approximately $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology 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.