Trek Financial LLC Reduces Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Trek Financial LLC trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 85.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,141 shares of the semiconductor company's stock after selling 23,548 shares during the quarter. Trek Financial LLC's holdings in Marvell Technology were worth $255,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $234,000. Dynamic Advisor Solutions LLC raised its stake in Marvell Technology by 5.0% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after buying an additional 206 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Marvell Technology during the 4th quarter valued at $45,211,000. Yousif Capital Management LLC raised its stake in Marvell Technology by 8.4% during the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after buying an additional 1,164 shares during the last quarter. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in Marvell Technology during the 4th quarter valued at $818,000. 83.51% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares of the company's stock, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock worth $1,656,076 over the last three months. Corporate insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citigroup decreased their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Piper Sandler reissued an "overweight" rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Cantor Fitzgerald increased their price objective on shares of Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Wall Street Zen raised shares of Marvell Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Finally, Loop Capital reduced their price objective 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. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $1.10 on Thursday, hitting $73.36. 11,505,300 shares of the company were exchanged, compared to its average volume of 15,749,418. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The stock's 50 day moving average price is $67.34 and its 200 day moving average price is $81.12. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $63.37 billion, a P/E ratio of -128.70, a price-to-earnings-growth ratio of 0.78 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm's quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.24 earnings per share. Sell-side analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders 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 payout ratio is -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.