Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by AEGON ASSET MANAGEMENT UK Plc

AEGON ASSET MANAGEMENT UK Plc reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 47.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,691 shares of the semiconductor company's stock after selling 70,656 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Marvell Technology were worth $4,844,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at $27,000. Financial Life Planners bought a new position in Marvell Technology in the 4th quarter worth $33,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology in the 4th quarter worth $35,000. Finally, GHP Investment Advisors Inc. increased its stake in Marvell Technology by 48.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock worth $38,000 after buying an additional 112 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 1.7%

Shares of MRVL traded down $1.14 during mid-day trading on Thursday, hitting $65.16. The company's stock had a trading volume of 23,064,101 shares, compared to its average volume of 14,577,122. The firm has a market capitalization of $56.29 billion, a price-to-earnings ratio of -38.33, a PEG ratio of 1.61 and a beta of 1.83. The company's 50-day moving average is $58.64 and its 200-day moving average is $86.32. 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 52-week low of $47.09 and a 52-week high of $127.48.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Buying and Selling at Marvell Technology

In other news, Director Brad W. Buss bought 3,000 shares of the business's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,541 shares of company stock worth $2,079,948. 0.19% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Melius Research lowered Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research note on Thursday, May 22nd. China Renaissance initiated coverage on Marvell Technology in a research note on Thursday. They issued a "buy" rating and a $110.00 price target for the company. Rosenblatt Securities reiterated a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Friday, May 30th. B. Riley dropped their target price on shares of Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Finally, Wells Fargo & Company reduced their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $94.73.

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.