Envestnet Asset Management Inc. Lowers Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

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

Other hedge funds and other institutional investors also recently modified their holdings of the company. Lee Danner & Bass Inc. bought a new stake in Marvell Technology during the 4th quarter worth approximately $35,000. Capital Analysts LLC raised 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 worth $38,000 after buying an additional 241 shares in the last quarter. Chelsea Counsel Co. bought a new stake in Marvell Technology during the fourth quarter valued at $44,000. Bernard Wealth Management Corp. purchased a new position in Marvell Technology during the fourth quarter worth about $45,000. Finally, Johnson Financial Group Inc. increased its stake in Marvell Technology by 125.0% in the 4th quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock worth $48,000 after acquiring an additional 235 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MRVL. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Redburn Atlantic initiated coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 price target for the company. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Evercore ISI reduced their price target on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Finally, Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target for the company. in a research note on Thursday, May 22nd. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $94.47.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 626 shares of the business's stock in a transaction 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 completion of the sale, the executive vice president owned 626 shares of the company's stock, valued at $38,248.60. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer 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. Over the last three months, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 1.5%

Shares of MRVL traded up $1.10 during trading hours on Thursday, hitting $73.36. The company had a trading volume of 11,505,300 shares, compared to its average volume of 15,749,395. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The firm has a fifty day moving average price of $67.34 and a 200-day moving average price of $81.12. The stock has a market capitalization of $63.37 billion, a price-to-earnings ratio of -128.70, a P/E/G ratio of 0.78 and a beta of 1.81. 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 (NASDAQ:MRVL - Get Free Report) last announced 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. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the firm earned $0.24 earnings per share. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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 dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

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.