Envestnet Portfolio Solutions Inc. Sells 16,290 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Envestnet Portfolio Solutions Inc. decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 22.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 56,718 shares of the semiconductor company's stock after selling 16,290 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Marvell Technology were worth $3,492,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in MRVL. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $27,000. Lee Danner & Bass Inc. purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $35,000. Capital Analysts LLC raised its holdings in shares of Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after buying an additional 241 shares in the last quarter. Finally, Chelsea Counsel Co. purchased a new position in shares of Marvell Technology during the 4th quarter valued at about $44,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MRVL. Stifel Nicolaus decreased their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Wall Street Zen raised Marvell Technology from a "hold" rating to a "buy" rating in a report on Saturday. Barclays decreased their price objective on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Loop Capital decreased their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, UBS Group restated a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Six investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Stock Performance

Marvell Technology stock traded down $1.44 during mid-day trading on Friday, reaching $73.51. 45,935,274 shares of the stock traded hands, compared to its average volume of 15,160,876. The stock has a market capitalization of $63.50 billion, a PE ratio of -128.96, a price-to-earnings-growth ratio of 0.80 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The business's 50-day moving average is $62.02 and its 200-day moving average is $84.26.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. Marvell Technology's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders 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 yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the sale, the chief financial officer now owns 124,348 shares of the company's stock, valued at approximately $7,460,880. The trade was a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,394 shares of company stock valued at $1,656,076. Company insiders own 0.19% of the company's stock.

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.