Perpetual Ltd Sells 680,802 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Perpetual Ltd decreased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 96.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,696 shares of the semiconductor company's stock after selling 680,802 shares during the period. Perpetual Ltd's holdings in Marvell Technology were worth $1,336,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. KG&L Capital Management LLC lifted its holdings in Marvell Technology by 100.6% in the first quarter. KG&L Capital Management LLC now owns 8,820 shares of the semiconductor company's stock worth $543,000 after purchasing an additional 4,424 shares during the period. Western Financial Corp CA acquired a new position in shares of Marvell Technology in the 1st quarter valued at about $1,479,000. Western Wealth Management LLC increased its holdings in shares of Marvell Technology by 10.9% in the 1st quarter. Western Wealth Management LLC now owns 6,218 shares of the semiconductor company's stock valued at $383,000 after purchasing an additional 612 shares during the period. Sabal Trust CO increased its holdings in shares of Marvell Technology by 27.8% in the 1st quarter. Sabal Trust CO now owns 15,633 shares of the semiconductor company's stock valued at $963,000 after purchasing an additional 3,396 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Marvell Technology by 185.6% in the first quarter. Robeco Institutional Asset Management B.V. now owns 884,334 shares of the semiconductor company's stock worth $54,448,000 after buying an additional 574,665 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on MRVL shares. Needham & Company LLC reiterated a "buy" rating and set a $85.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Rosenblatt Securities reiterated a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Bank of America boosted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Evercore ISI decreased their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares of the company's stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the sale, the chief accounting officer now directly owns 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is owned by company insiders.

Marvell Technology Stock Down 3.5%

MRVL traded down $2.81 during trading hours on Friday, hitting $77.16. 27,213,956 shares of the company's stock were exchanged, compared to its average volume of 15,462,619. The stock has a market cap of $66.65 billion, a price-to-earnings ratio of -135.37, a PEG ratio of 0.84 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The stock's 50-day moving average is $64.38 and its two-hundred day moving average is $83.06. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48.

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 analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during 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 company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.24 earnings per share. Sell-side analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is -42.11%.

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.