Waycross Partners LLC Sells 33,580 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Waycross Partners LLC reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 17.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 154,650 shares of the semiconductor company's stock after selling 33,580 shares during the quarter. Marvell Technology accounts for approximately 1.7% of Waycross Partners LLC's portfolio, making the stock its 27th largest holding. Waycross Partners LLC's holdings in Marvell Technology were worth $9,327,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MRVL. FMR LLC lifted its holdings in Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company's stock worth $7,005,447,000 after buying an additional 421,622 shares during the period. Vanguard Group Inc. lifted its holdings in Marvell Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company's stock worth $3,813,546,000 after buying an additional 477,731 shares during the period. Matrix Capital Management Company LP lifted its holdings in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company's stock worth $712,720,000 after buying an additional 4,634,127 shares during the period. Invesco Ltd. lifted its holdings in Marvell Technology by 9.2% in the third quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company's stock worth $447,080,000 after buying an additional 698,359 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company's stock worth $381,257,000 after buying an additional 2,142,391 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on MRVL shares. Barclays raised their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, January 16th. StockNews.com lowered shares of Marvell Technology from a "hold" rating to a "sell" rating in a report on Sunday. UBS Group lifted their target price on shares of Marvell Technology from $70.00 to $83.00 and gave the company a "buy" rating in a report on Monday, February 26th. Morgan Stanley lifted their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the company an "equal weight" rating in a report on Thursday, March 7th. Finally, Summit Insights upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating in a report on Friday, March 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $81.13.

Insider Buying and Selling at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the business's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares of the company's stock, valued at $8,097,573.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the sale, the executive vice president now owns 21,266 shares of the company's stock, valued at $1,376,973.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the business's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares of the company's stock, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock valued at $7,477,515. Corporate insiders own 0.45% of the company's stock.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $2.84 during trading on Tuesday, hitting $65.91. 12,777,081 shares of the company's stock were exchanged, compared to its average volume of 13,910,771. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The business has a 50-day simple moving average of $69.92 and a 200-day simple moving average of $62.83. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76. The stock has a market capitalization of $57.08 billion, a price-to-earnings ratio of -63.66, a PEG ratio of 5.09 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts' consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm's revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology's payout ratio is -22.22%.

Marvell Technology declared that its board has authorized a share repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.

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.

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