Bank Julius Baer & Co. Ltd Zurich trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 16.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,092 shares of the semiconductor company's stock after selling 8,998 shares during the period. Bank Julius Baer & Co. Ltd Zurich's holdings in Marvell Technology were worth $2,838,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC grew its holdings in shares of Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after purchasing an additional 206 shares during the last quarter. Yousif Capital Management LLC lifted its position in shares of Marvell Technology by 8.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares during the period. Tree Line Advisors Hong Kong Ltd. bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $46,389,000. Finally, Sargent Investment Group LLC raised its holdings 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 worth $825,000 after buying an additional 4,792 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
MRVL has been the topic of a number of recent analyst reports. Loop Capital lowered their target price on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Bank of America increased their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Cantor Fitzgerald boosted their price objective on Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. TD Cowen increased their price objective on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Finally, Wells Fargo & Company dropped their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average price target of $94.47.
View Our Latest Analysis on MRVL
Insider Activity at Marvell Technology
In other news, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction that occurred 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 of the company's stock, valued at $1,241,743.05. This represents a 14.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the company'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 directly owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,934 shares of company stock valued at $1,187,826. Corporate insiders own 0.19% of the company's stock.
Marvell Technology Stock Performance
Shares of Marvell Technology stock traded up $0.17 during trading hours on Friday, reaching $74.21. 9,813,678 shares of the stock traded hands, compared to its average volume of 16,248,888. The company has a 50 day moving average price of $69.95 and a 200 day moving average price of $77.67. The firm has a market capitalization of $64.10 billion, a price-to-earnings ratio of -130.19, a P/E/G ratio of 0.80 and a beta of 1.81. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.
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 (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 EPS. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.
About Marvell Technology
(
Free Report)
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.
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