NBW Capital LLC Trims Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• NBW Capital LLC has reduced its stake in Marvell Technology, Inc. by 22.7%, now holding 93,051 shares valued at approximately $5.7 million.
• Several major investors increased their holdings in Marvell Technology, with notable increases from Nuveen Asset Management (up 232.2%) and Goldman Sachs Group (up 32.3%).
• Marvell Technology's stock has a consensus rating of Moderate Buy with a target price of $94.70, following various recent analyst revisions.

NBW Capital LLC decreased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 22.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 93,051 shares of the semiconductor company's stock after selling 27,386 shares during the quarter. Marvell Technology comprises about 1.3% of NBW Capital LLC's holdings, making the stock its 28th largest position. NBW Capital LLC's holdings in Marvell Technology were worth $5,729,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. Bank Pictet & Cie Europe AG boosted its position in Marvell Technology by 0.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after acquiring an additional 460 shares during the period. Advisory Services Network LLC raised its position in Marvell Technology by 35.3% in the 4th quarter. Advisory Services Network LLC now owns 30,635 shares of the semiconductor company's stock valued at $3,384,000 after purchasing an additional 8,001 shares during the last quarter. DRW Securities LLC raised its position in shares of Marvell Technology by 106.7% during the fourth quarter. DRW Securities LLC now owns 13,015 shares of the semiconductor company's stock worth $1,438,000 after acquiring an additional 208,627 shares during the last quarter. Scotia Capital Inc. grew its stake in shares of Marvell Technology by 8.2% during the fourth quarter. Scotia Capital Inc. now owns 49,425 shares of the semiconductor company's stock worth $5,459,000 after purchasing an additional 3,763 shares during the period. Finally, Treasurer of the State of North Carolina grew its stake in Marvell Technology by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 376,936 shares of the semiconductor company's stock valued at $41,633,000 after acquiring an additional 2,360 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MRVL shares. Benchmark reaffirmed a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. TD Cowen boosted their target price on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Finally, B. Riley restated a "buy" rating and set a $115.00 target price (up previously from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Transactions at Marvell Technology

In other Marvell Technology 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 transaction, the executive vice president owned 17,163 shares of the company's stock, valued at $1,241,743.05. This represents a 14.88% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on 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 $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 15,148 shares of company stock valued at $1,014,236. 0.33% of the stock is owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded up $1.61 during trading on Monday, reaching $78.95. 6,188,134 shares of the company traded hands, compared to its average volume of 18,604,072. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The firm has a market capitalization of $68.20 billion, a PE ratio of -138.42, a PEG ratio of 0.84 and a beta of 1.83. The company's 50 day moving average is $72.98 and its two-hundred day moving average is $74.08.

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, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the company earned $0.24 earnings per share. The company's quarterly revenue was up 63.3% on a year-over-year basis. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared 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. 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 payout ratio is currently -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.