Victory Capital Management Inc. Lowers Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Victory Capital Management Inc. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 681,203 shares of the semiconductor company’s stock after selling 70,056 shares during the period. Victory Capital Management Inc. owned about 0.08% of Marvell Technology worth $41,083,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of MRVL. Commonwealth Equity Services LLC lifted its holdings in Marvell Technology by 6.1% in the third quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock valued at $10,330,000 after acquiring an additional 10,916 shares during the period. Cambridge Investment Research Advisors Inc. boosted its holdings in Marvell Technology by 12.9% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock worth $3,903,000 after buying an additional 8,263 shares in the last quarter. Robeco Institutional Asset Management B.V. grew its position in Marvell Technology by 59.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock worth $4,761,000 after buying an additional 32,908 shares during the period. Xponance Inc. increased its holdings in Marvell Technology by 10.1% in the third quarter. Xponance Inc. now owns 33,043 shares of the semiconductor company’s stock valued at $1,789,000 after buying an additional 3,028 shares in the last quarter. Finally, Raymond James & Associates lifted its position in shares of Marvell Technology by 5.8% during the 3rd quarter. Raymond James & Associates now owns 713,760 shares of the semiconductor company’s stock valued at $38,636,000 after acquiring an additional 39,299 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. Morgan Stanley raised their price objective on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Sunday, April 28th. B. Riley restated a “buy” rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. TD Cowen raised their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Finally, UBS Group upped their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Stock Up 2.8 %

Shares of NASDAQ MRVL opened at $68.51 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm has a fifty day moving average of $69.85 and a 200-day moving average of $63.21. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results 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 firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.34 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Marvell Technology declared that its Board of Directors has initiated a share buyback 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,473,805 over the last ninety days. 0.45% of the stock is owned by company insiders.

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.