Sigma Planning Corp Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sigma Planning Corp cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 55.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,849 shares of the semiconductor company’s stock after selling 8,480 shares during the quarter. Sigma Planning Corp’s holdings in Marvell Technology were worth $413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA boosted its position in shares of Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its position in shares of Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares in the last quarter. Fred Alger Management LLC boosted its position in shares of Marvell Technology by 2.4% in the 3rd 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 in the last quarter. NewEdge Wealth LLC boosted its position in shares of Marvell Technology by 15.6% in the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. boosted its position in shares of Marvell Technology by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now directly owns 21,266 shares in the company, valued at approximately $1,376,973.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,477,515 in the last ninety days. Insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on MRVL shares. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. KeyCorp lowered their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Barclays lifted their price target on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Evercore ISI initiated coverage on Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target for the company. Finally, UBS Group lifted their price target on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $69.62 on Friday. Marvell Technology, Inc. has a 12 month low of $37.71 and a 12 month high of $85.76. The stock has a 50 day moving average of $69.80 and a two-hundred day moving average of $62.51. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the business earned $0.34 EPS. Marvell Technology’s quarterly revenue was up .6% on a year-over-year basis. Analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has approved a share repurchase plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

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.