Marvell Technology, Inc. (NASDAQ:MRVL) Position Decreased by Forsta AP Fonden

Key Points

• Forsta AP Fonden has reduced its stake in Marvell Technology, Inc. by selling 11,200 shares, bringing its total holdings to 184,100 shares valued at approximately $11.3 million.
• Other institutional investors, including Goldman Sachs, have significantly increased their investments in Marvell, with Goldman Sachs raising its position by 32.3% during the same quarter.
• Marvell's stock recently traded at $77.34 and has a market capitalization of $66.81 billion, with a notable increase in revenue of 63.3% year-over-year.

Forsta AP Fonden decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 184,100 shares of the semiconductor company's stock after selling 11,200 shares during the period. Forsta AP Fonden's holdings in Marvell Technology were worth $11,335,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Marvell Technology in the 4th quarter worth about $234,000. Dynamic Advisor Solutions LLC boosted its position in shares of Marvell Technology by 5.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after buying an additional 206 shares in the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Marvell Technology by 8.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after purchasing an additional 1,164 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the last quarter. Finally, Sargent Investment Group LLC boosted its holdings in shares of Marvell Technology by 55.7% in the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after purchasing an additional 4,792 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price target on the stock. 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. Piper Sandler reiterated an "overweight" rating and set a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Loop Capital reduced their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Wells Fargo & Company reduced their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $0.31 during trading on Tuesday, reaching $77.59. The stock had a trading volume of 7,760,371 shares, compared to its average volume of 18,569,652. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The firm's 50 day moving average price is $73.30 and its two-hundred day moving average price is $73.76. The stock has a market cap of $67.03 billion, a PE ratio of -136.09, a P/E/G ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

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, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. 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 prior year, the firm earned $0.24 EPS. The business's quarterly revenue was up 63.3% on a year-over-year basis. On average, research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Insider Activity

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred 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 sale, the chief accounting officer directly owned 29,572 shares in the company, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 15,148 shares of company stock worth $1,014,236. 0.33% of the stock is owned by insiders.

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.