Massachusetts Financial Services Co. MA Sells 2,388,385 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Massachusetts Financial Services Co. MA trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 31.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,204,341 shares of the semiconductor company's stock after selling 2,388,385 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.60% of Marvell Technology worth $320,431,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of MRVL. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Marvell Technology during the fourth quarter valued at about $234,000. Dynamic Advisor Solutions LLC lifted its position in shares of Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after purchasing an additional 206 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Marvell Technology during the fourth quarter valued at about $45,211,000. Yousif Capital Management LLC lifted its position in shares of Marvell Technology by 8.4% during the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after purchasing an additional 1,164 shares in the last quarter. Finally, Tree Line Advisors Hong Kong Ltd. bought a new stake in Marvell Technology in the fourth quarter worth about $46,389,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer owned 121,348 shares in the company, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 over the last quarter. Company insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Loop Capital lowered their price objective 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. B. Riley reiterated a "buy" rating and issued a $115.00 target price (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Stifel Nicolaus reduced their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Benchmark reiterated a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, Susquehanna reduced their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Down 0.1%

MRVL stock traded down $0.10 during trading on Tuesday, hitting $72.41. 15,652,536 shares of the stock traded hands, compared to its average volume of 15,811,852. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The firm's 50 day moving average is $67.80 and its two-hundred day moving average is $80.05. The stock has a market cap of $62.55 billion, a price-to-earnings ratio of -127.04, a price-to-earnings-growth ratio of 0.79 and a beta of 1.81. 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 quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (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 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 business's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

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.