Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Zweig DiMenna Associates LLC

Key Points

• Zweig DiMenna Associates LLC reduced its stake in Marvell Technology by 59.7%, selling 127,494 shares and now holds 86,027 shares valued at approximately $5.3 million.
• Marvell Technology reported a 63.3% year-over-year revenue increase, with earnings of $0.62 per share exceeding analysts' expectations of $0.61.
• The company's stock has an average rating of "Moderate Buy" with an average price target of $94.47, influenced by various analyst updates.

Zweig DiMenna Associates LLC lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 59.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 86,027 shares of the semiconductor company's stock after selling 127,494 shares during the period. Zweig DiMenna Associates LLC's holdings in Marvell Technology were worth $5,297,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Analysts LLC increased its holdings in shares of Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after buying an additional 241 shares during the period. Chelsea Counsel Co. purchased a new position in shares of Marvell Technology in the fourth quarter worth about $44,000. Bernard Wealth Management Corp. purchased a new position in shares of Marvell Technology in the fourth quarter worth about $45,000. Hughes Financial Services LLC purchased a new position in shares of Marvell Technology in the first quarter worth about $26,000. Finally, Johnson Financial Group Inc. increased its holdings in shares of Marvell Technology by 125.0% in the fourth quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock worth $48,000 after buying 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, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,934 shares of company stock worth $1,187,826 over the last three months. 0.19% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on MRVL shares. Rosenblatt Securities restated a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Needham & Company LLC downgraded Marvell Technology from a "buy" rating to a "cautious" rating in a report on Wednesday, July 16th. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a report on Thursday, May 22nd. UBS Group restated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Finally, Morgan Stanley boosted their price target on Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. 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 assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $94.47.

Marvell Technology Stock Up 0.2%

Shares of NASDAQ MRVL traded up $0.17 during midday trading on Friday, hitting $74.21. The company's stock had a trading volume of 9,813,678 shares, compared to its average volume of 16,248,888. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The firm has a market capitalization of $64.10 billion, a price-to-earnings ratio of -130.19, a price-to-earnings-growth ratio of 0.80 and a beta of 1.81. The business's fifty day simple moving average is $69.95 and its two-hundred day simple moving average is $77.67. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year 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 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. The business 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 quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.24 earnings per share. On average, equities analysts predict 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. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) 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.