Mackenzie Financial Corp Sells 8,663 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Mackenzie Financial Corp lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 63,355 shares of the semiconductor company's stock after selling 8,663 shares during the quarter. Mackenzie Financial Corp's holdings in Marvell Technology were worth $6,998,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Marvell Technology in the 4th quarter worth approximately $27,000. Financial Life Planners bought a new position in Marvell Technology during the 4th quarter valued at approximately $33,000. Lee Danner & Bass Inc. purchased a new position in Marvell Technology during the fourth quarter valued at $35,000. Finally, Capital Analysts LLC boosted its holdings in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 241 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Chris Koopmans sold 6,000 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 $412,980.00. Following the transaction, the chief operating officer now directly owns 81,931 shares of the company's stock, valued at $5,639,310.73. This trade represents a 6.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,541 shares of company stock valued at $2,079,948 over the last 90 days. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

NASDAQ MRVL traded down $3.54 on Friday, reaching $60.19. 46,886,682 shares of the stock were exchanged, compared to its average volume of 14,538,790. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The firm has a market capitalization of $51.99 billion, a PE ratio of -35.41, a PEG ratio of 1.61 and a beta of 1.83. The company's 50-day simple moving average is $58.96 and its two-hundred day simple moving average is $87.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the firm earned $0.24 EPS. The company's revenue was up 63.3% on a year-over-year basis. Analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. Marvell Technology's payout ratio is -23.53%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday. Bank of America dropped their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Melius Research lowered shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a report on Thursday, May 22nd. Susquehanna lowered their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research report on Tuesday. Finally, B. Riley decreased their price target on Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $94.21.

Marvell Technology Company 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.