Victory Capital Management Inc. Sells 16,527 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Victory Capital Management Inc. trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 632,441 shares of the semiconductor company's stock after selling 16,527 shares during the quarter. Victory Capital Management Inc. owned about 0.07% of Marvell Technology worth $38,939,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kornitzer Capital Management Inc. KS increased its holdings in Marvell Technology by 111.6% in the 1st quarter. Kornitzer Capital Management Inc. KS now owns 21,541 shares of the semiconductor company's stock valued at $1,326,000 after purchasing an additional 11,360 shares during the last quarter. Larson Financial Group LLC increased its holdings in Marvell Technology by 348.1% in the 1st quarter. Larson Financial Group LLC now owns 1,192 shares of the semiconductor company's stock valued at $73,000 after purchasing an additional 926 shares during the last quarter. Wealthfront Advisers LLC grew its stake in shares of Marvell Technology by 61.0% in the first quarter. Wealthfront Advisers LLC now owns 79,291 shares of the semiconductor company's stock worth $4,882,000 after acquiring an additional 30,034 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Marvell Technology by 49.4% in the first quarter. Whittier Trust Co. now owns 665 shares of the semiconductor company's stock worth $41,000 after acquiring an additional 220 shares in the last quarter. Finally, TimesSquare Capital Management LLC grew its stake in shares of Marvell Technology by 3.7% in the first quarter. TimesSquare Capital Management LLC now owns 543,290 shares of the semiconductor company's stock worth $33,450,000 after acquiring an additional 19,300 shares in the last quarter. Institutional investors and hedge funds 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 dated 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 sale, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the sale, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. This represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,394 shares of company stock valued at $1,873,126. 0.19% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded down $0.76 during midday trading on Tuesday, reaching $72.30. The company's stock had a trading volume of 6,434,415 shares, compared to its average volume of 15,884,343. The company has a 50 day moving average price of $69.11 and a 200 day moving average price of $78.67. The company has a market cap of $62.46 billion, a price-to-earnings ratio of -126.40, a price-to-earnings-growth ratio of 0.81 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 one year low of $47.09 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate 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 company'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 firm posted $0.24 earnings per share. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend 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%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Barclays dropped their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Loop Capital dropped their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. China Renaissance assumed coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They set a "buy" rating and a $110.00 target price for the company. Redburn Atlantic assumed coverage on shares of Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price for the company. Finally, Melius Research boosted their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $94.47.

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.