Invesco Ltd. Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Invesco Ltd. reduced its stake in Marvell Technology by 6.9%, holding approximately $926 million worth of the company's stock after selling over 1 million shares.
• Several institutional investors have adjusted their positions in Marvell, with 83.51% of the stock now owned by institutional investors and hedge funds.
• Marvell Technology reported $1.90 billion in revenue for the latest quarter, surpassing analyst expectations, and recorded a significant year-over-year revenue increase of 63.3%.

Invesco Ltd. lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 6.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,040,508 shares of the semiconductor company's stock after selling 1,117,471 shares during the period. Invesco Ltd. owned approximately 1.74% of Marvell Technology worth $926,044,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after acquiring an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. raised its stake in 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. Brown Advisory Inc. raised its stake in Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after purchasing an additional 423,892 shares during the last quarter. Janus Henderson Group PLC grew its holdings in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after buying an additional 857,087 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Marvell Technology by 232.2% in the 4th 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. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $1.49 during trading on Friday, reaching $77.34. The company had a trading volume of 9,947,838 shares, compared to its average volume of 16,874,638. The firm has a market capitalization of $66.81 billion, a price-to-earnings ratio of -135.68, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. 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's fifty day moving average price is $72.98 and its 200 day moving average price is $74.44. Marvell Technology, Inc. has a fifty-two week low of $47.08 and a fifty-two week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $1.88 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The stock was 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 $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,434 shares of company stock valued at $1,097,826 in the last three months. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on MRVL shares. Wall Street Zen upgraded Marvell Technology from a "hold" rating to a "buy" rating in a report on Saturday. B. Riley restated a "buy" rating and set a $115.00 target price (up from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Susquehanna decreased their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Benchmark reiterated a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, KeyCorp decreased their price objective on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One investment 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 stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.