Baker Avenue Asset Management LP Sells 10,904 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Baker Avenue Asset Management LP reduced its stake in Marvell Technology by 5.2% in the first quarter, holding 198,841 shares valued at approximately $12.24 million.
• A variety of analysts have recently issued ratings for Marvell Technology, with predictions ranging from a $75 to $124 price target, reflecting a generally positive outlook.
• Marvell Technology announced a quarterly dividend of $0.06 per share, representing an annualized yield of 0.3%, although its dividend payout ratio stands at -42.11%.

Baker Avenue Asset Management LP lessened its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.2% in the first quarter, according to its most recent filing with the SEC. The firm owned 198,841 shares of the semiconductor company's stock after selling 10,904 shares during the quarter. Baker Avenue Asset Management LP's holdings in Marvell Technology were worth $12,243,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blueshift Asset Management LLC acquired a new stake in Marvell Technology during the 1st quarter valued at approximately $780,000. Commerce Bank increased its position in Marvell Technology by 1.0% during the 1st quarter. Commerce Bank now owns 31,869 shares of the semiconductor company's stock valued at $1,962,000 after purchasing an additional 331 shares during the period. Moors & Cabot Inc. increased its position in Marvell Technology by 35.3% during the 1st quarter. Moors & Cabot Inc. now owns 6,913 shares of the semiconductor company's stock valued at $426,000 after purchasing an additional 1,805 shares during the period. Bank of Jackson Hole Trust increased its position in Marvell Technology by 209.9% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,696 shares of the semiconductor company's stock valued at $166,000 after purchasing an additional 1,826 shares during the period. Finally, EFG Asset Management Americas Corp. acquired a new stake in Marvell Technology during the 1st quarter valued at approximately $712,000. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. China Renaissance initiated coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective for the company. Benchmark reaffirmed a "buy" rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Needham & Company LLC downgraded shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald raised their price objective on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.70.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction on Friday, July 18th. The stock was 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 in the company, valued at $1,241,743.05. The trade was a 14.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction 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 owned 29,572 shares in the company, valued at $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,434 shares of company stock valued at $1,097,826. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Stock Down 7.4%

NASDAQ:MRVL traded down $5.92 during trading hours on Friday, hitting $74.45. 28,831,814 shares of the company traded hands, compared to its average volume of 16,205,894. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm's 50-day simple moving average is $71.59 and its 200-day simple moving average is $76.35. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a market cap of $64.31 billion, a PE ratio of -130.61, a PEG ratio of 0.87 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the business earned $0.24 EPS. The business's revenue was up 63.3% on a year-over-year basis. Equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's payout ratio is presently -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.