Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by First American Trust FSB

Key Points

• First American Trust FSB has significantly decreased its stake in Marvell Technology, selling 60.3% of its shares and now holding 48,648 shares valued at approximately $2.995 million.
• Marvell Technology reported a quarterly earnings per share (EPS) of $0.62, beating analysts' expectations and marking a 63.3% year-over-year revenue increase to $1.90 billion.
• Insider sales have occurred recently, with EVP Mark Casper selling 3,000 shares for $217,050, indicating a 14.88% reduction in his ownership of the company’s stock.

First American Trust FSB lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 60.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,648 shares of the semiconductor company's stock after selling 74,042 shares during the quarter. First American Trust FSB's holdings in Marvell Technology were worth $2,995,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Marvell Technology by 1.9% during 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 buying an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. grew its position in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after buying an additional 5,050,159 shares during the period. Brown Advisory Inc. grew its position in Marvell Technology by 2.2% during the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after buying an additional 423,892 shares during the period. Janus Henderson Group PLC grew its position in Marvell Technology by 6.9% during the fourth 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 during the period. Finally, Nuveen Asset Management LLC grew its position in Marvell Technology by 232.2% during the fourth 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 during the period. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of a number of research reports. Loop Capital cut their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Raymond James Financial reiterated an "outperform" rating and set a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Wells Fargo & Company cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Susquehanna lowered their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a report on Tuesday, May 27th. Finally, Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares of the company's stock, valued at $5,993,431.50. This trade represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,148 shares of company stock worth $1,014,236. 0.33% of the stock is owned by company insiders.

Marvell Technology Stock Down 0.1%

Shares of Marvell Technology stock traded down $0.06 during trading on Monday, hitting $77.28. 11,828,689 shares of the stock traded hands, compared to its average volume of 16,866,402. Marvell Technology, Inc. has a 52-week low of $47.08 and a 52-week high of $127.48. The stock's fifty day simple moving average is $73.30 and its 200 day simple moving average is $73.76. The firm has a market cap of $66.76 billion, a P/E ratio of 59.04, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company's quarterly revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the company earned $0.24 earnings per share. On average, equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend 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%.

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.