Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by First Hawaiian Bank

First Hawaiian Bank decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,100 shares of the semiconductor company’s stock after selling 186 shares during the period. First Hawaiian Bank’s holdings in Marvell Technology were worth $566,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Bruce G. Allen Investments LLC grew its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares in the last quarter. Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology during the 1st quarter valued at about $31,000. Optimum Investment Advisors bought a new position in shares of Marvell Technology in the first quarter valued at about $35,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In other 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 transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $68.57, for a total transaction of $342,850.00. Following the completion of the transaction, the executive vice president now directly owns 119,719 shares of the company’s stock, valued at $8,209,131.83. 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 firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders sold 99,000 shares of company stock valued at $7,190,745 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Trading Down 2.7 %

Shares of NASDAQ MRVL traded down $1.58 during midday trading on Monday, reaching $57.67. The stock had a trading volume of 14,023,180 shares, compared to its average volume of 12,664,956. The firm has a market cap of $49.92 billion, a price-to-earnings ratio of -51.04, a price-to-earnings-growth ratio of 2.99 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. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company’s 50 day moving average price is $70.22 and its 200 day moving average price is $69.87.

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

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a $0.06 dividend. The ex-dividend date was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.42%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MRVL. Jefferies Financial Group started coverage on Marvell Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $85.00 target price for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Morgan Stanley increased their target price on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. KeyCorp boosted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, B. Riley increased their price objective on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $85.50.

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.