Trek Financial LLC Sells 23,548 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Trek Financial LLC lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 85.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,141 shares of the semiconductor company's stock after selling 23,548 shares during the period. Trek Financial LLC's holdings in Marvell Technology were worth $255,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Lee Danner & Bass Inc. bought a new position in Marvell Technology in the fourth quarter valued at $35,000. Capital Analysts LLC grew its position in shares of Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 241 shares during the period. Chelsea Counsel Co. bought a new position in shares of Marvell Technology in the 4th quarter valued at about $44,000. Bernard Wealth Management Corp. bought a new position in shares of Marvell Technology in the 4th quarter valued at about $45,000. Finally, Johnson Financial Group Inc. grew its position in shares of Marvell Technology by 125.0% in the 4th quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock valued at $48,000 after acquiring an additional 235 shares during the period. Institutional investors own 83.51% of the company's stock.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company'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 transaction of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the sale, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 in the last quarter. 0.19% of the stock is owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $72.26 on Thursday. The firm has a 50 day moving average of $67.34 and a 200-day moving average of $81.12. The stock has a market capitalization of $62.42 billion, a PE ratio of -126.77, a PEG ratio of 0.78 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. The company 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 business's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business 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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is -42.11%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. TD Cowen lifted their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Evercore ISI decreased their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research report on Friday, May 30th. Finally, Benchmark reissued a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Six investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

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.

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