Principal Financial Group Inc. Decreases 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% during 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 period. Principal Financial Group Inc.'s holdings in Marvell Technology were worth $1,277,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Rossby Financial LCC bought a new position in Marvell Technology during the 1st quarter valued at about $27,000. Security National Bank bought a new position in Marvell Technology during the 1st quarter valued at about $31,000. Lee Danner & Bass Inc. bought a new position in Marvell Technology during the 4th quarter valued at about $35,000. Capital Analysts LLC lifted its holdings in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 241 shares during the last quarter. Finally, Garde Capital Inc. bought a new position in Marvell Technology during the 1st quarter valued at about $39,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the sale, the executive vice president owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,934 shares of company stock valued at $1,187,826 over the last 90 days. Company insiders own 0.19% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Rosenblatt Securities restated a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a report on Wednesday, June 18th. Morgan Stanley boosted their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Melius lowered shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a research report on Thursday, May 22nd. Finally, B. Riley reaffirmed a "buy" rating and set a $115.00 price target (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Trading Up 1.8%

Marvell Technology stock traded up $1.28 during trading hours on Wednesday, reaching $73.27. 11,192,310 shares of the company's stock were exchanged, compared to its average volume of 15,948,475. 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 firm's 50 day simple moving average is $69.41 and its 200 day simple moving average is $78.31. The firm has a market capitalization of $63.29 billion, a PE ratio of -128.54, a PEG ratio of 0.78 and a beta of 1.81. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $1.88 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The company's revenue was up 63.3% on a year-over-year basis. Research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. 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 is presently -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.