DAVENPORT & Co LLC Sells 468 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

DAVENPORT & Co LLC trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 244,680 shares of the semiconductor company’s stock after selling 468 shares during the quarter. DAVENPORT & Co LLC’s holdings in Marvell Technology were worth $17,346,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC raised its holdings in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Trueblood Wealth Management LLC raised its holdings in Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after buying an additional 152 shares during the period. SJS Investment Consulting Inc. raised its holdings in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the period. Blue Trust Inc. raised its holdings in Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 155 shares during the period. Finally, Versant Capital Management Inc raised its holdings in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after buying an additional 161 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 131,000 shares of company stock worth $9,357,740. 0.33% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on MRVL shares. Evercore ISI increased their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. Stifel Nicolaus upped their price target on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Finally, Barclays increased their price objective on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $85.24.

Marvell Technology Trading Down 3.6 %

Marvell Technology stock traded down $2.70 during midday trading on Thursday, reaching $72.18. The stock had a trading volume of 10,144,421 shares, compared to its average volume of 12,796,946. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The stock has a market capitalization of $62.48 billion, a PE ratio of -65.58, a price-to-earnings-growth ratio of 3.55 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock’s 50-day simple moving average is $71.37 and its 200 day simple moving average is $69.18.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. Analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

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.