Cullen Frost Bankers Inc. Sells 25,054 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Cullen Frost Bankers Inc. lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 310,427 shares of the semiconductor company’s stock after selling 25,054 shares during the period. Cullen Frost Bankers Inc.’s holdings in Marvell Technology were worth $21,699,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of MRVL. Tlwm increased its position in shares of Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 136 shares during the last quarter. Bruce G. Allen Investments LLC increased its position 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 worth $28,000 after buying an additional 141 shares during the last quarter. Trueblood Wealth Management LLC increased its position in Marvell Technology by 3.2% in the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after buying an additional 152 shares during the last quarter. Edmond DE Rothschild Holding S.A. increased its position in Marvell Technology by 0.5% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after buying an additional 162 shares during the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its position in Marvell Technology by 0.4% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after buying an additional 168 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares in the company, valued at $8,466,647.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Trading Down 5.3 %

NASDAQ MRVL traded down $3.69 during mid-day trading on Friday, hitting $66.20. The company’s stock had a trading volume of 17,130,889 shares, compared to its average volume of 12,634,494. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The stock’s fifty day simple moving average is $68.15 and its two-hundred day simple moving average is $69.58. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The firm has a market capitalization of $57.30 billion, a P/E ratio of -58.58, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.26%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company earned $0.18 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. Research analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities lifted their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.62.

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.