Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,545,193 shares of the semiconductor company's stock after selling 77,057 shares during the period. Bank of New York Mellon Corp owned 0.41% of Marvell Technology worth $218,278,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in MRVL. Intrepid Financial Planning Group LLC lifted its holdings in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after purchasing an additional 90 shares in the last quarter. PDS Planning Inc grew its position in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after purchasing an additional 92 shares in the last quarter. Tradewinds LLC. grew its holdings in Marvell Technology by 0.7% during the 4th quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock valued at $1,552,000 after buying an additional 101 shares in the last quarter. Coldstream Capital Management Inc. grew its holdings in Marvell Technology by 1.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock valued at $1,253,000 after buying an additional 116 shares in the last quarter. Finally, Nicolet Advisory Services LLC grew its holdings in Marvell Technology by 3.1% during the 4th quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company's stock valued at $448,000 after buying an additional 118 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Price Performance

NASDAQ MRVL traded up $0.25 on Wednesday, hitting $72.20. The stock had a trading volume of 3,890,568 shares, compared to its average volume of 15,686,671. The firm has a 50-day moving average of $67.07 and a 200-day moving average of $81.18. The company has a market capitalization of $62.37 billion, a price-to-earnings ratio of -128.05, a price-to-earnings-growth ratio of 0.78 and a beta of 1.81. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

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

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

Insider Activity

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the 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 transaction, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. This represents a 6.12% 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 Marvell Technology stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares of the company's stock, 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 ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Piper Sandler reiterated an "overweight" rating and issued a $85.00 price target (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Stifel Nicolaus decreased their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Loop Capital reduced their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Bank of America boosted their price objective on Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Finally, Wells Fargo & Company lowered their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

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.