Assenagon Asset Management S.A. Sells 328,190 Shares of Marvell Technology, Inc. $MRVL

Assenagon Asset Management S.A. trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 13.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,132,661 shares of the semiconductor company's stock after selling 328,190 shares during the period. Assenagon Asset Management S.A. owned about 0.25% of Marvell Technology worth $165,068,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Kingstone Capital Partners Texas LLC acquired a new position in Marvell Technology in the 2nd quarter worth approximately $11,504,000. IFM Investors Pty Ltd increased its position in Marvell Technology by 5.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 174,828 shares of the semiconductor company's stock worth $13,532,000 after purchasing an additional 8,979 shares in the last quarter. Grove Bank & Trust raised its holdings in Marvell Technology by 70.2% in the second quarter. Grove Bank & Trust now owns 2,740 shares of the semiconductor company's stock valued at $212,000 after buying an additional 1,130 shares during the period. McHugh Group LLC purchased a new stake in Marvell Technology during the 2nd quarter worth approximately $242,000. Finally, Moody National Bank Trust Division boosted its holdings in shares of Marvell Technology by 1.1% during the second quarter. Moody National Bank Trust Division now owns 16,178 shares of the semiconductor company's stock valued at $1,252,000 after acquiring an additional 182 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Up 0.0%

Shares of MRVL stock opened at $74.26 on Friday. Marvell Technology, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48. The firm's 50-day simple moving average is $72.45 and its 200-day simple moving average is $67.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The firm has a market cap of $64.02 billion, a P/E ratio of -571.23, a PEG ratio of 0.90 and a beta of 1.85.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $2.01 billion for the quarter, compared to analyst estimates of $2.01 billion. Marvell Technology had a positive return on equity of 11.01% and a negative net margin of 1.43%.Marvell Technology's quarterly revenue was up 57.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.30 earnings per share. Marvell Technology has set its Q3 2026 guidance at 0.690-0.790 EPS. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 30th. Investors of record on Friday, October 10th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. Marvell Technology's dividend payout ratio (DPR) is -184.62%.

Analyst Upgrades and Downgrades

MRVL has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their target price on Marvell Technology from $130.00 to $120.00 and set an "overweight" rating for the company in a report on Friday, August 29th. UBS Group dropped their price objective on Marvell Technology from $110.00 to $95.00 and set a "buy" rating on the stock in a research note on Friday, August 29th. Bank of America reiterated a "neutral" rating and set a $78.00 price objective (down previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 29th. Benchmark reaffirmed a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 29th. Finally, Morgan Stanley dropped their price objective on Marvell Technology from $80.00 to $76.00 and set an "equal weight" rating on the stock in a research note on Friday, August 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $90.50.

Insider Buying and Selling

In related news, EVP Mark Casper sold 3,000 shares of the stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is owned by company 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.

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.