Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 955,870 shares of the semiconductor company's stock after selling 17,319 shares during the quarter. Rhumbline Advisers owned approximately 0.11% of Marvell Technology worth $58,853,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in MRVL. Norges Bank purchased a new position in shares of Marvell Technology in the fourth quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new stake in Marvell Technology in the fourth quarter worth $802,410,000. Nuveen Asset Management LLC boosted its holdings in Marvell Technology by 232.2% in 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 acquiring an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP increased its position in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

MRVL stock traded down $1.14 during midday trading on Thursday, hitting $65.16. 21,779,258 shares of the stock traded hands, compared to its average volume of 14,572,620. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock's fifty day simple moving average is $58.64 and its 200-day simple moving average is $86.32. The firm has a market cap of $56.29 billion, a P/E ratio of -38.33, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm 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%. The company's quarterly revenue was up 63.3% on a year-over-year basis. During the same period last year, the firm earned $0.24 EPS. On average, analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on MRVL shares. Melius Research lowered Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price for the company. in a research report on Thursday, May 22nd. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a report on Thursday, May 22nd. B. Riley decreased their price target on shares of Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Finally, UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday. Seven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.73.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock worth $2,079,948 in the last quarter. Corporate 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.