Envestnet Asset Management Inc. Has $103.93 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Envestnet Asset Management Inc. lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 9.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,687,918 shares of the semiconductor company's stock after selling 171,206 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.19% of Marvell Technology worth $103,925,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Marvell Technology in the 4th quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC lifted its stake in shares of Marvell Technology by 5.0% during the 1st 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 during the period. KLP Kapitalforvaltning AS purchased a new position in shares of Marvell Technology during the 4th quarter worth $45,211,000. Yousif Capital Management LLC lifted its stake in shares of Marvell Technology by 8.4% during the 1st 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 during the period. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Marvell Technology during the 4th quarter worth $818,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on MRVL shares. Citigroup reduced their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Susquehanna reduced their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research note on Tuesday, May 27th. B. Riley reissued a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Piper Sandler reissued an "overweight" rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Redburn Atlantic started coverage on Marvell Technology in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 target price on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Down 1.2%

Shares of Marvell Technology stock traded down $0.87 on Friday, hitting $72.43. 4,763,257 shares of the company traded hands, compared to its average volume of 15,735,972. The company has a 50-day moving average price of $67.59 and a 200 day moving average price of $80.84. 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, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a market cap of $62.57 billion, a PE ratio of -127.21, a PEG ratio of 0.78 and a beta of 1.81.

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, beating 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 business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the company posted $0.24 EPS. Marvell Technology's revenue was up 63.3% on a year-over-year basis. Sell-side analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the company's 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 completion of the transaction, the chief operating officer owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction 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. This represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,394 shares of company stock valued at $1,656,076. Company insiders own 0.19% of the company's stock.

Marvell Technology Company 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.