Seven Eight Capital LP Cuts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Seven Eight Capital LP lowered its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 68.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,783 shares of the semiconductor company’s stock after selling 62,691 shares during the quarter. Seven Eight Capital LP’s holdings in Marvell Technology were worth $2,012,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bruce G. Allen Investments LLC grew its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology during the first quarter valued at approximately $31,000. Optimum Investment Advisors bought a new position in Marvell Technology during the first quarter valued at approximately $35,000. Mark Sheptoff Financial Planning LLC bought a new position in Marvell Technology during the first quarter valued at approximately $35,000. Finally, Bogart Wealth LLC boosted its stake in Marvell Technology by 1,480.0% during the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research reports. Barclays increased their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday. B. Riley increased their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. The Goldman Sachs Group increased their price target on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Price Performance

Shares of MRVL stock opened at $71.55 on Thursday. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a market capitalization of $61.93 billion, a P/E ratio of -63.32, a P/E/G ratio of 3.29 and a beta of 1.46. The stock has a 50 day moving average price of $68.14 and a 200 day moving average price of $69.78.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.18 EPS. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, Director Daniel Durn bought 1,425 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was acquired at an average cost of $70.21 per share, with a total value of $100,049.25. Following the transaction, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction dated Monday, June 24th. The stock was bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the transaction, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders sold a total of 160,000 shares of company stock valued at $11,878,785 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

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.