GF Fund Management CO. LTD. Sells 75,429 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

GF Fund Management CO. LTD. trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 31.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 167,035 shares of the semiconductor company's stock after selling 75,429 shares during the quarter. GF Fund Management CO. LTD.'s holdings in Marvell Technology were worth $10,284,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of MRVL. Norges Bank acquired a new stake in Marvell Technology in the fourth quarter worth $1,138,354,000. GQG Partners LLC bought a new position in shares of Marvell Technology in the fourth quarter valued at $802,410,000. Nuveen Asset Management LLC lifted its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the transaction, the chief accounting officer directly owned 32,094 shares of the company's stock, valued at approximately $2,086,110. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock worth $1,656,076 in the last three months. Insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of recent research reports. Melius lowered shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research note on Thursday, May 22nd. Stifel Nicolaus dropped their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Citigroup dropped their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Evercore ISI dropped 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. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Stock Performance

Shares of MRVL traded up $0.90 during trading hours on Friday, hitting $75.15. The company's stock had a trading volume of 10,217,992 shares, compared to its average volume of 15,647,810. The company has a market cap of $64.92 billion, a price-to-earnings ratio of -131.84, a PEG ratio of 0.81 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The business has a 50 day simple moving average of $66.54 and a two-hundred day simple moving average of $81.88. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate 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 revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. On average, equities analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology's dividend payout ratio is currently -42.11%.

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.