Gulf International Bank UK Ltd Sells 16,279 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Gulf International Bank UK Ltd reduced its stake in Marvell Technology by 24.2%, selling 16,279 shares during the first quarter, leaving it with 51,051 shares valued at over $3 million.
• Marvell Technology's latest earnings report showed revenues of $1.90 billion, exceeding analysts' estimates, with a reported earnings per share of $0.62.
• Recent analyst ratings indicate a generally positive outlook, with twenty-three analysts issuing a "buy" rating and a target price average of $94.70.

Gulf International Bank UK Ltd decreased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 24.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,051 shares of the semiconductor company's stock after selling 16,279 shares during the quarter. Gulf International Bank UK Ltd's holdings in Marvell Technology were worth $3,143,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hughes Financial Services LLC purchased a new stake in Marvell Technology in the 1st quarter worth about $26,000. Rossby Financial LCC purchased a new stake in Marvell Technology in the 1st quarter worth about $27,000. Financial Connections Group Inc. lifted its stake in Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 388 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in Marvell Technology in the 1st quarter worth about $28,000. Finally, Security National Bank purchased a new stake in Marvell Technology in the 1st quarter worth about $31,000. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction dated Monday, June 16th. The stock was 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 in the company, valued at $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,409 shares of company stock valued at $445,964. 0.19% of the stock is owned by company insiders.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $0.28 during trading hours on Thursday, hitting $79.04. 10,118,641 shares of the company's stock were exchanged, compared to its average volume of 16,114,096. Marvell Technology, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48. 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 stock has a market capitalization of $68.28 billion, a price-to-earnings ratio of -138.67, a PEG ratio of 0.86 and a beta of 1.83. The company's 50-day moving average price is $74.14 and its 200-day moving average price is $73.68.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. TD Cowen increased their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Wall Street Zen raised Marvell Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Marvell Technology in a research report on Friday, August 8th. Finally, Bank of America upped their target price on Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.70.

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.