Meeder Asset Management Inc. Has $29,000 Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Meeder Asset Management Inc. reduced its stake in Marvell Technology by 97.2% during Q1, holding only 469 shares valued at $29,000 after a significant sell-off of 16,237 shares.
• Marvell Technology reported earnings of $0.62 per share for the last quarter, exceeding estimates, with a year-over-year revenue increase of 63.3%.
• A number of analysts have adjusted their target prices for Marvell Technology, with Bank of America raising it to $90.00 and other firms providing a range of ratings from "buy" to "hold."

Meeder Asset Management Inc. lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 97.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 469 shares of the semiconductor company's stock after selling 16,237 shares during the period. Meeder Asset Management Inc.'s holdings in Marvell Technology were worth $29,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Brown Advisory Inc. boosted its stake in shares of Marvell Technology by 2.2% during the 1st 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 in the last quarter. Invesco Ltd. lifted its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Marvell Technology by 6.9% in the 4th 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 in the last quarter. Nuveen Asset Management LLC lifted its stake in Marvell Technology by 232.2% in the 4th 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 in the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Marvell Technology by 6.7% in the 1st quarter. Pictet Asset Management Holding SA now owns 7,776,196 shares of the semiconductor company's stock valued at $478,794,000 after buying an additional 488,610 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

NASDAQ MRVL traded down $5.92 during trading hours on Friday, reaching $74.45. The company's stock had a trading volume of 28,831,814 shares, compared to its average volume of 16,205,894. 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 business has a 50-day simple moving average of $71.59 and a 200 day simple moving average of $76.35. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The stock has a market cap of $64.31 billion, a PE ratio of -130.61, a PEG ratio of 0.87 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business earned $0.24 earnings per share. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. Equities research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Raymond James Financial reaffirmed an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target for the company. in a report on Thursday, May 22nd. The Goldman Sachs Group initiated coverage on Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price target for the company. Wall Street Zen downgraded Marvell Technology from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, Melius Research upped their price objective on Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Activity at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer owned 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the transaction, the executive vice president owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 16,434 shares of company stock worth $1,097,826 over the last ninety days. Insiders own 0.19% of the company's stock.

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.