Cullen Frost Bankers Inc. Sells 24,538 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Cullen Frost Bankers Inc. cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 8.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 263,994 shares of the semiconductor company's stock after selling 24,538 shares during the period. Cullen Frost Bankers Inc.'s holdings in Marvell Technology were worth $16,254,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Hughes Financial Services LLC bought a new stake in Marvell Technology in the first quarter worth $26,000. Rossby Financial LCC acquired a new stake in shares of Marvell Technology in the first quarter valued at about $27,000. Security National Bank acquired a new stake in shares of Marvell Technology in the first quarter valued at about $31,000. Lee Danner & Bass Inc. acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $35,000. Finally, Capital Analysts LLC grew its position in shares of Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 241 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Mark Casper sold 626 shares of the stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president directly owned 626 shares of the company's stock, valued at $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% 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. Corporate insiders own 0.33% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded down $1.56 during mid-day trading on Wednesday, hitting $70.85. 26,444,360 shares of the stock were exchanged, compared to its average volume of 15,890,629. The company has a market cap of $61.20 billion, a P/E ratio of -124.30, a PEG ratio of 0.79 and a beta of 1.81. The stock's fifty day simple moving average is $68.23 and its two-hundred day simple moving average is $79.71. 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, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share 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 company's revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share. As a group, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on MRVL shares. Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Barclays lowered their price target on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Citigroup lowered their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Wall Street Zen cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, Melius Research increased their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and an average target price of $94.47.

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.