Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Allianz SE

Key Points

• Allianz SE significantly reduced its holdings in Marvell Technology, Inc. by 95.2%, leaving it with only 5,000 shares worth approximately $308,000 after selling nearly 100,000 shares during the last quarter.
• Marvell's stock has decreased by 7.4%, currently trading at $74.45, with a twelve-month low of $47.08 and a high of $127.48, amidst mixed analyst ratings and a declining market outlook.
• In the most recent quarterly earnings report, Marvell exceeded expectations with earnings per share of $0.62 and revenue of $1.90 billion, indicating a year-over-year revenue increase of 63.3%.

Allianz SE trimmed its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 95.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,000 shares of the semiconductor company's stock after selling 99,960 shares during the quarter. Allianz SE's holdings in Marvell Technology were worth $308,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in MRVL. Coldstream Capital Management Inc. boosted its position in shares of Marvell Technology by 1.0% during the 4th quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock worth $1,253,000 after acquiring an additional 116 shares in the last quarter. Virtue Capital Management LLC boosted its holdings in Marvell Technology by 2.1% in the fourth quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company's stock valued at $856,000 after purchasing an additional 163 shares in the last quarter. Kolinsky Wealth Management LLC increased its stake in Marvell Technology by 3.3% in the fourth quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company's stock valued at $622,000 after purchasing an additional 181 shares during the last quarter. Wedbush Securities Inc. increased its stake in Marvell Technology by 2.0% in the fourth quarter. Wedbush Securities Inc. now owns 10,332 shares of the semiconductor company's stock valued at $1,141,000 after purchasing an additional 198 shares during the last quarter. Finally, Alta Advisers Ltd raised its holdings in Marvell Technology by 7.3% during the fourth quarter. Alta Advisers Ltd now owns 2,898 shares of the semiconductor company's stock worth $320,000 after purchasing an additional 198 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Buying and Selling

In other news, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 16,434 shares of company stock worth $1,097,826. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Wall Street Zen cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Cantor Fitzgerald upped their target price on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Benchmark restated a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Stifel Nicolaus decreased their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Finally, TD Cowen upped their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Price Performance

MRVL traded down $2.06 during trading on Wednesday, reaching $74.57. 3,866,661 shares of the stock were exchanged, compared to its average volume of 18,699,102. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48. The company has a market capitalization of $64.42 billion, a price-to-earnings ratio of -130.32, a P/E/G ratio of 0.83 and a beta of 1.83. The business's 50 day moving average price is $72.16 and its two-hundred day moving average price is $75.45. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

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, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the business posted $0.24 earnings per share. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

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.