Codex Capital Asset Management L.L.C. Sells 8,000 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Codex Capital Asset Management L.L.C. lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 15.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 43,000 shares of the semiconductor company's stock after selling 8,000 shares during the quarter. Marvell Technology comprises approximately 1.2% of Codex Capital Asset Management L.L.C.'s portfolio, making the stock its 26th biggest holding. Codex Capital Asset Management L.L.C.'s holdings in Marvell Technology were worth $2,644,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Bank Pictet & Cie Europe AG lifted its holdings in shares of Marvell Technology by 0.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after buying an additional 460 shares in the last quarter. Advisory Services Network LLC lifted its holdings in shares of Marvell Technology by 35.3% in the fourth quarter. Advisory Services Network LLC now owns 30,635 shares of the semiconductor company's stock worth $3,384,000 after buying an additional 8,001 shares in the last quarter. DRW Securities LLC lifted its holdings in shares of Marvell Technology by 106.7% in the fourth quarter. DRW Securities LLC now owns 13,015 shares of the semiconductor company's stock worth $1,438,000 after buying an additional 208,627 shares in the last quarter. Scotia Capital Inc. lifted its holdings in shares of Marvell Technology by 8.2% in the fourth quarter. Scotia Capital Inc. now owns 49,425 shares of the semiconductor company's stock worth $5,459,000 after buying an additional 3,763 shares in the last quarter. Finally, Treasurer of the State of North Carolina lifted its holdings in shares of Marvell Technology by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 376,936 shares of the semiconductor company's stock worth $41,633,000 after buying an additional 2,360 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction on 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 owned 17,163 shares in the company, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,434 shares of company stock worth $1,097,826. 0.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MRVL shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Loop Capital lowered their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $75.85 on Friday. The stock has a market cap of $65.52 billion, a P/E ratio of -133.07, a price-to-earnings-growth ratio of 0.82 and a beta of 1.83. The firm's fifty day simple moving average is $72.62 and its 200 day simple moving average is $75.11. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48. 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 (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. As a group, research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a $0.06 dividend. The ex-dividend date was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

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.

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