OVERSEA CHINESE BANKING Corp Ltd Sells 5,917 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

OVERSEA CHINESE BANKING Corp Ltd decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 57.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,464 shares of the semiconductor company's stock after selling 5,917 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Marvell Technology were worth $290,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of MRVL. PNC Financial Services Group Inc. lifted its stake in Marvell Technology by 4.3% in the first quarter. PNC Financial Services Group Inc. now owns 80,503 shares of the semiconductor company's stock worth $4,957,000 after acquiring an additional 3,336 shares during the period. Blueshift Asset Management LLC bought a new position in Marvell Technology in the 1st quarter worth $780,000. Commerce Bank lifted its position in shares of Marvell Technology by 1.0% in the 1st quarter. Commerce Bank now owns 31,869 shares of the semiconductor company's stock worth $1,962,000 after purchasing an additional 331 shares during the period. Moors & Cabot Inc. boosted its stake in shares of Marvell Technology by 35.3% during the 1st quarter. Moors & Cabot Inc. now owns 6,913 shares of the semiconductor company's stock valued at $426,000 after purchasing an additional 1,805 shares in the last quarter. Finally, Bank of Jackson Hole Trust boosted its stake in shares of Marvell Technology by 209.9% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,696 shares of the semiconductor company's stock valued at $166,000 after purchasing an additional 1,826 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on MRVL shares. B. Riley restated a "buy" rating and issued a $115.00 price objective (up from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. TD Cowen lifted their price target on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Bank of America upped their price target on Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Citigroup reduced their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.47.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the sale, the chief accounting officer owned 32,094 shares of the company's stock, valued at approximately $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last 90 days. 0.19% of the stock is owned by company insiders.

Marvell Technology Stock Performance

Marvell Technology stock traded up $1.16 during mid-day trading on Thursday, reaching $72.01. 14,973,151 shares of the stock traded hands, compared to its average volume of 15,886,991. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The business's 50-day moving average is $68.52 and its 200-day moving average is $79.65. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The stock has a market capitalization of $62.20 billion, a PE ratio of -126.33, a price-to-earnings-growth ratio of 0.78 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate 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 negative net margin of 7.56% and a positive return on equity of 8.42%. The business's quarterly revenue was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 EPS. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology's dividend payout ratio is currently -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.