Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by LGT Group Foundation

Key Points

• LGT Group Foundation reduced its stake in Marvell Technology by 14.2%, holding 96,637 shares worth approximately $5.95 million after selling 16,033 shares in the first quarter.
• Other institutional investors showed significant interest, with Goldman Sachs increasing its stake by 32.3% and Nuveen Asset Management growing its position by 232.2% during the same period.
• Marvell Technology reported earnings of $0.62 per share, surpassing expectations, and experienced a 63.3% increase in revenue year-over-year, amounting to $1.90 billion.

LGT Group Foundation lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 14.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,637 shares of the semiconductor company's stock after selling 16,033 shares during the quarter. LGT Group Foundation's holdings in Marvell Technology were worth $5,950,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after acquiring an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Brown Advisory Inc. increased its stake in shares of Marvell Technology by 2.2% in the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after acquiring an additional 423,892 shares during the period. Janus Henderson Group PLC increased its stake in shares of Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after acquiring 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 and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $77.81 on Wednesday. The company's 50-day moving average price is $73.61 and its 200-day moving average price is $73.78. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market cap of $67.21 billion, a P/E ratio of -136.51, a P/E/G ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted 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 firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. On average, sell-side analysts forecast 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. Shareholders of record on Friday, July 11th were paid 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 yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

Insider Activity

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the transaction, the chief accounting officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,148 shares of company stock valued at $1,014,236 over the last three months. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MRVL. Barclays dropped their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. UBS Group restated a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Loop Capital dropped their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Melius Research raised their price target on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Finally, Bank of America raised their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. One research 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 issued a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average 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.

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