Wolff Wiese Magana LLC Sells 4,144 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wolff Wiese Magana LLC lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 20.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,611 shares of the semiconductor company's stock after selling 4,144 shares during the period. Wolff Wiese Magana LLC's holdings in Marvell Technology were worth $1,023,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of MRVL. Centricity Wealth Management LLC bought a new position in shares of Marvell Technology in the 4th quarter valued at about $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology during the fourth quarter worth $27,000. Lee Danner & Bass Inc. bought a new position in Marvell Technology during the fourth quarter worth $35,000. Capital Analysts LLC boosted its position in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 241 shares during the period. Finally, Garde Capital Inc. bought a new position in Marvell Technology during the first quarter worth $39,000. Institutional investors own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Barclays reduced their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Melius Research lifted their price objective on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research report on Wednesday. Wall Street Zen raised shares of Marvell Technology from a "hold" rating to a "buy" rating in a research report on Saturday. Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday. Finally, Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research report on Thursday, May 22nd. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Trading Down 1.9%

MRVL opened at $73.51 on Friday. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a 50-day simple moving average of $62.02 and a 200 day simple moving average of $84.26. 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 stock has a market capitalization of $63.50 billion, a price-to-earnings ratio of -128.96, a P/E/G ratio of 0.80 and a beta of 1.76.

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, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The business's quarterly revenue was up 63.3% on a year-over-year basis. Analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology's payout ratio is presently -42.11%.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was 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 SEC, which is available through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer now owns 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. Corporate insiders own 0.19% of the company's stock.

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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