Covea Finance Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Covea Finance lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 27.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 100,826 shares of the semiconductor company's stock after selling 37,899 shares during the quarter. Covea Finance's holdings in Marvell Technology were worth $6,208,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Private Wealth Partners LLC lifted its holdings in shares of Marvell Technology by 31.4% in the 1st quarter. Private Wealth Partners LLC now owns 48,330 shares of the semiconductor company's stock valued at $2,976,000 after buying an additional 11,560 shares during the period. Avior Wealth Management LLC raised its position in Marvell Technology by 82.8% during the first quarter. Avior Wealth Management LLC now owns 5,712 shares of the semiconductor company's stock valued at $352,000 after acquiring an additional 2,588 shares in the last quarter. Blue Trust Inc. raised its position in Marvell Technology by 12.2% during the first quarter. Blue Trust Inc. now owns 4,967 shares of the semiconductor company's stock valued at $306,000 after acquiring an additional 539 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its holdings in Marvell Technology by 5.9% in the first quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 29,681 shares of the semiconductor company's stock valued at $1,841,000 after acquiring an additional 1,661 shares during the period. Finally, HCR Wealth Advisors lifted its stake in shares of Marvell Technology by 10.7% in the 1st quarter. HCR Wealth Advisors now owns 10,377 shares of the semiconductor company's stock valued at $639,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. B. Riley reissued a "buy" rating and set a $115.00 target price (up from $110.00) on shares of Marvell Technology in a research note on Wednesday. Needham & Company LLC reaffirmed a "buy" rating and issued a $85.00 price target on shares of Marvell Technology in a report on Wednesday. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a research report on Thursday, May 22nd. China Renaissance began coverage on Marvell Technology in a report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price objective on the stock. Finally, Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Six investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Insider Activity

In related news, EVP Mark Casper sold 626 shares of the business's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares in the company, valued at approximately $38,248.60. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. The trade was a 1.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last 90 days. Company insiders own 0.33% of the company's stock.

Marvell Technology Trading Down 1.9%

NASDAQ MRVL traded down $1.44 on Friday, reaching $73.51. 45,935,274 shares of the company were exchanged, compared to its average volume of 15,160,876. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business's fifty day moving average price is $62.02 and its 200 day moving average price is $84.06. The stock has a market capitalization of $63.50 billion, a P/E ratio of -128.96, a price-to-earnings-growth ratio of 0.80 and a beta of 1.76. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly 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 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 analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The company's quarterly revenue was up 63.3% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. 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.