Handelsbanken Fonder AB Sells 5,085 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Handelsbanken Fonder AB reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.4% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 356,678 shares of the semiconductor company's stock after selling 5,085 shares during the period. Handelsbanken Fonder AB's holdings in Marvell Technology were worth $21,961,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology in the fourth quarter worth $234,000. Hudock Inc. acquired a new position in Marvell Technology during the 4th quarter worth about $265,000. Everhart Financial Group Inc. bought a new stake in Marvell Technology during the 4th quarter worth about $437,000. Union Bancaire Privee UBP SA acquired a new stake in Marvell Technology in the 4th quarter valued at about $16,699,000. Finally, CIBC Asset Management Inc increased its position in Marvell Technology by 3.5% in the 4th quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock valued at $21,770,000 after acquiring an additional 6,699 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 3.2%

Shares of NASDAQ:MRVL traded down $2.24 during midday trading on Friday, reaching $67.40. The company had a trading volume of 8,654,985 shares, compared to its average volume of 14,721,417. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The stock has a market cap of $58.22 billion, a PE ratio of -39.65, a P/E/G ratio of 1.61 and a beta of 1.76. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The business's 50 day moving average price is $59.96 and its 200 day moving average price is $85.38.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly 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 for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business's quarterly revenue was up 63.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.24 EPS. Research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology's payout ratio is -42.11%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Redburn Atlantic began coverage on Marvell Technology in a research report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price objective on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 target price on shares of Marvell Technology in a research note on Friday, May 30th. Needham & Company LLC cut their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Stifel Nicolaus dropped their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $94.73.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company's stock, valued at $2,138,125. This trade represents a 4.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. The trade was a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,541 shares of company stock worth $2,079,948. 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.