Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Sunbelt Securities Inc.

Sunbelt Securities Inc. lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,659 shares of the semiconductor company’s stock after selling 719 shares during the quarter. Sunbelt Securities Inc.’s holdings in Marvell Technology were worth $188,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of MRVL. Benjamin F. Edwards & Company Inc. grew its position in Marvell Technology by 157.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock valued at $46,000 after buying an additional 472 shares in the last quarter. Hoylecohen LLC bought a new position in shares of Marvell Technology in the fourth quarter valued at approximately $658,000. US Bancorp DE increased its stake in shares of Marvell Technology by 8.6% during the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock valued at $11,178,000 after acquiring an additional 14,651 shares during the period. Franklin Resources Inc. raised its holdings in Marvell Technology by 6.2% during the fourth quarter. Franklin Resources Inc. now owns 3,199,865 shares of the semiconductor company’s stock worth $192,984,000 after purchasing an additional 187,998 shares in the last quarter. Finally, Centaurus Financial Inc. lifted its position in Marvell Technology by 6.1% in the fourth quarter. Centaurus Financial Inc. now owns 4,513 shares of the semiconductor company’s stock worth $272,000 after purchasing an additional 260 shares during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research reports. KeyCorp cut their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Morgan Stanley boosted their target price on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. Oppenheimer restated an “outperform” rating and set a $90.00 target price (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, B. Riley upped their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $85.00.

Insider Activity

In other Marvell Technology news, Director Daniel Durn acquired 1,425 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the acquisition, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’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 value of $2,064,600.00. Following the completion of the sale, the chief executive officer now directly owns 716,545 shares in the company, valued at approximately $49,312,626.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel Durn purchased 1,425 shares of the stock in a transaction on Monday, June 24th. The shares were bought at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the acquisition, the director now owns 1,923 shares of the company’s stock, valued at $135,013.83. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 79,500 shares of company stock worth $5,504,065. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Trading Up 1.7 %

NASDAQ MRVL opened at $69.90 on Friday. The company has a market capitalization of $60.51 billion, a PE ratio of -61.86, a price-to-earnings-growth ratio of 3.24 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The firm’s fifty day simple moving average is $70.26 and its 200-day simple moving average is $68.32.

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

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

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

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.