Hood River Capital Management LLC Sells 1,484 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Hood River Capital Management LLC lowered its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 108,832 shares of the semiconductor company’s stock after selling 1,484 shares during the quarter. Hood River Capital Management LLC’s holdings in Marvell Technology were worth $7,607,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MRVL. Nippon Life Global Investors Americas Inc. increased its stake in shares of Marvell Technology by 22.7% in the second quarter. Nippon Life Global Investors Americas Inc. now owns 862,610 shares of the semiconductor company’s stock worth $60,296,000 after purchasing an additional 159,800 shares in the last quarter. Harmony Asset Management LLC grew its stake in Marvell Technology by 54.5% in the 2nd quarter. Harmony Asset Management LLC now owns 5,531 shares of the semiconductor company’s stock valued at $387,000 after buying an additional 1,950 shares in the last quarter. D1 Capital Partners L.P. bought a new stake in Marvell Technology during the 2nd quarter valued at $108,204,000. EverSource Wealth Advisors LLC lifted its position in shares of Marvell Technology by 20.2% during the second quarter. EverSource Wealth Advisors LLC now owns 1,818 shares of the semiconductor company’s stock worth $122,000 after acquiring an additional 305 shares in the last quarter. Finally, 1832 Asset Management L.P. bought a new position in shares of Marvell Technology in the second quarter worth $45,435,000. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock valued at $11,878,785 in the last three months. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. KeyCorp boosted their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Morgan Stanley increased their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $71.81 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a market cap of $62.16 billion, a PE ratio of -63.55, a PEG ratio of 3.29 and a beta of 1.46. The company’s fifty day moving average is $68.16 and its 200 day moving average is $69.54. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the company posted $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Marvell Technology Company 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.