Principal Financial Group Inc. Lowers Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Principal Financial Group Inc. reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 84.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,736 shares of the semiconductor company's stock after selling 114,522 shares during the quarter. Principal Financial Group Inc.'s holdings in Marvell Technology were worth $1,277,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Xcel Wealth Management LLC raised its holdings in Marvell Technology by 245.2% during the first quarter. Xcel Wealth Management LLC now owns 14,153 shares of the semiconductor company's stock worth $871,000 after purchasing an additional 10,053 shares in the last quarter. Capital Investment Counsel Inc raised its position in shares of Marvell Technology by 200.0% in the first quarter. Capital Investment Counsel Inc now owns 18,883 shares of the semiconductor company's stock valued at $1,163,000 after buying an additional 12,588 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Marvell Technology by 226.2% in the first quarter. Teacher Retirement System of Texas now owns 166,666 shares of the semiconductor company's stock valued at $10,262,000 after purchasing an additional 115,574 shares during the last quarter. Arlington Trust Co LLC raised its stake in Marvell Technology by 58.6% during the first quarter. Arlington Trust Co LLC now owns 1,472 shares of the semiconductor company's stock worth $91,000 after purchasing an additional 544 shares during the period. Finally, Pinnacle Financial Partners Inc grew its holdings in shares of Marvell Technology by 2.9% during the 1st quarter. Pinnacle Financial Partners Inc now owns 141,159 shares of the semiconductor company's stock worth $8,691,000 after purchasing an additional 3,989 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on MRVL shares. TD Cowen lifted their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Morgan Stanley increased their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a report on Friday, May 30th. Deutsche Bank Aktiengesellschaft decreased their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Susquehanna cut their target price on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research report on Tuesday, May 27th. Finally, Loop Capital decreased their price target 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. 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 assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $0.77 during trading on Tuesday, reaching $72.29. 5,933,112 shares of the stock traded hands, compared to its average volume of 15,881,960. The company has a 50-day moving average of $69.11 and a 200-day moving average of $78.67. The stock has a market capitalization of $62.44 billion, a P/E ratio of -126.61, a price-to-earnings-growth ratio of 0.81 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, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping analysts' consensus estimates 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 business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The business's quarterly revenue was up 63.3% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Activity at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's 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 completion of the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,394 shares of company stock valued at $1,873,126 over the last ninety days. Company insiders own 0.19% of the company's stock.

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.