E Fund Management Co. Ltd. Lowers Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• E Fund Management Co. Ltd. reduced its holdings in Marvell Technology, Inc. by 43.0%, selling 16,694 shares to end the first quarter with 22,113 shares valued at approximately $1.36 million.
• Marvell Technology recently announced a quarterly dividend of $0.06 per share, representing an annualized dividend of $0.24 and a yield of 0.3%.
• Analysts are divided on Marvell Technology's stock, with price target adjustments ranging from $85.00 to $120.00, and an average rating of "Moderate Buy" from market analysts.

E Fund Management Co. Ltd. lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 43.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 22,113 shares of the semiconductor company's stock after selling 16,694 shares during the quarter. E Fund Management Co. Ltd.'s holdings in Marvell Technology were worth $1,361,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $234,000. Dynamic Advisor Solutions LLC lifted its position 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 in the last quarter. Yousif Capital Management LLC lifted its position in shares of Marvell Technology by 8.4% during the first 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 in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares in the last quarter. Finally, Sargent Investment Group LLC lifted its position in shares of 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 purchasing an additional 4,792 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Activity

In other news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. The trade was a 4.16% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 3,000 shares of Marvell Technology 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 completion of the transaction, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,409 shares of company stock valued at $445,964 in the last ninety days. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $0.28 during trading on Thursday, reaching $79.04. The company's stock had a trading volume of 10,118,641 shares, compared to its average volume of 16,114,096. The company has a 50-day moving average price of $74.14 and a two-hundred day moving average price of $73.68. The firm has a market cap of $68.28 billion, a PE ratio of -138.67, a P/E/G ratio of 0.86 and a beta of 1.83. Marvell Technology, Inc. has a fifty-two week low of $47.08 and a fifty-two week high of $127.48. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates 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 company's quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

Several analysts have recently issued reports on MRVL shares. Wells Fargo & Company reduced their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Morgan Stanley restated an "equal weight" rating on shares of Marvell Technology in a research note on Friday, August 8th. KeyCorp cut their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Wall Street Zen upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 target price (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $94.70.

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.