Russell Investments Group Ltd. Sells 18,831 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Russell Investments Group Ltd. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 12.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 135,845 shares of the semiconductor company's stock after selling 18,831 shares during the period. Russell Investments Group Ltd.'s holdings in Marvell Technology were worth $8,250,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Massachusetts Financial Services Co. MA boosted its position in Marvell Technology by 43.7% during 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 acquiring an additional 2,142,391 shares during the last quarter. Fred Alger Management LLC boosted its holdings in shares of Marvell Technology by 2.4% during the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company's stock worth $218,499,000 after purchasing an additional 95,003 shares during the last quarter. NewEdge Wealth LLC grew its position in shares of Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company's stock valued at $390,000 after purchasing an additional 973 shares during the period. Montag A & Associates Inc. lifted its position in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company's stock worth $3,510,000 after buying an additional 8,836 shares during the period. Finally, Scotia Capital Inc. lifted its position in Marvell Technology by 8.0% during the third quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company's stock worth $264,000 after buying an additional 361 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the transaction, the chief financial officer now owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company's stock, valued at $51,627,405.43. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,500 shares of company stock valued at $7,473,805. Insiders own 0.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MRVL shares. Oppenheimer reaffirmed an "outperform" rating and set a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Morgan Stanley lifted their price target 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. Rosenblatt Securities restated a "buy" rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They issued an "outperform" rating and a $88.00 target price on the stock. Finally, KeyCorp cut their target price on shares of Marvell Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Monday, April 8th. Two research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $81.13.

Marvell Technology Stock Performance

MRVL stock traded down $0.57 during midday trading on Wednesday, reaching $68.11. The company had a trading volume of 6,608,585 shares, compared to its average volume of 13,571,120. The firm has a market capitalization of $58.98 billion, a PE ratio of -63.06, a P/E/G ratio of 5.01 and a beta of 1.48. The stock has a 50 day moving average price of $69.88 and a 200 day moving average price of $63.51. Marvell Technology, Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $0.46. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 EPS. Analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

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

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. Marvell Technology's payout ratio is currently -22.22%.

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.