Howard Capital Management Inc. Sells 3,152 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Howard Capital Management Inc. reduced its stake in Marvell Technology by 13.3%, selling 3,152 shares, and held 20,580 shares worth approximately $1,267,000 at the end of the recent quarter.
• Marvell Technology reported a positive quarterly earnings result of $0.62 per share, which exceeded analyst expectations, with revenue up by 63.3% year-over-year.
• The company declared a quarterly dividend of $0.06 per share, with an annualized rate of $0.24, representing a dividend yield of 0.29% set to be paid on July 31st.

Howard Capital Management Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 13.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 20,580 shares of the semiconductor company's stock after selling 3,152 shares during the quarter. Howard Capital Management Inc.'s holdings in Marvell Technology were worth $1,267,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Coldstream Capital Management Inc. lifted its holdings in Marvell Technology by 1.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock valued at $1,253,000 after acquiring an additional 116 shares during the period. Nicolet Advisory Services LLC increased its position in shares of Marvell Technology by 3.1% during the 4th quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company's stock valued at $448,000 after purchasing an additional 118 shares during the last quarter. Virtue Capital Management LLC lifted its stake in shares of Marvell Technology by 2.1% in the 4th quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company's stock worth $856,000 after purchasing an additional 163 shares during the period. Summit Financial LLC lifted its stake in shares of Marvell Technology by 5.7% in the 4th quarter. Summit Financial LLC now owns 3,032 shares of the semiconductor company's stock worth $335,000 after purchasing an additional 164 shares during the period. Finally, Kolinsky Wealth Management LLC boosted its holdings in shares of Marvell Technology by 3.3% in the fourth quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company's stock worth $622,000 after buying an additional 181 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

MRVL stock traded down $5.34 during trading on Friday, hitting $75.03. 5,470,754 shares of the company's stock traded hands, compared to its average volume of 18,723,459. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The stock has a market capitalization of $64.81 billion, a price-to-earnings ratio of -131.21, a P/E/G ratio of 0.89 and a beta of 1.81. The business has a fifty day simple moving average of $71.31 and a 200 day simple moving average of $76.63. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business posted $0.24 earnings per share. The firm's revenue was up 63.3% on a year-over-year basis. As a group, research analysts expect 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 was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Buying and Selling

In other news, EVP Mark Casper sold 3,000 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the sale, the executive vice president owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 16,434 shares of company stock worth $1,097,826. 0.19% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MRVL has been the subject of a number of research reports. KeyCorp reduced their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Wall Street Zen downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Bank of America upped their price objective on Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Barclays lowered their target price on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price 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.