Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Jackson Square Capital LLC

Jackson Square Capital LLC cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 87.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,808 shares of the semiconductor company's stock after selling 27,676 shares during the period. Jackson Square Capital LLC's holdings in Marvell Technology were worth $234,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $27,000. Lee Danner & Bass Inc. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $35,000. Capital Analysts LLC lifted its stake in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new position in Marvell Technology during the fourth quarter worth $44,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of MRVL traded down $2.45 during mid-day trading on Friday, reaching $67.19. 14,146,733 shares of the company's stock were exchanged, compared to its average volume of 14,730,268. 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 company has a 50-day simple moving average of $60.30 and a two-hundred day simple moving average of $85.20. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a market cap of $58.04 billion, a price-to-earnings ratio of -39.52, a PEG ratio of 1.61 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its 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. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.24 EPS. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology's payout ratio is currently -42.11%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MRVL. Citigroup decreased their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. China Renaissance started coverage on Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective on the stock. Wells Fargo & Company dropped their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Susquehanna dropped their target price on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a report on Tuesday, May 27th. Finally, Raymond James reaffirmed an "outperform" rating and set a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $94.73.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the transaction, the chief financial officer now owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 626 shares of Marvell Technology stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the transaction, the executive vice president now owns 626 shares in the company, valued at approximately $38,248.60. This trade represents a 50.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.19% of the company's stock.

About Marvell Technology

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.