Marshall Wace LLP Sells 98,950 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Marshall Wace LLP cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,479,961 shares of the semiconductor company’s stock after selling 98,950 shares during the quarter. Marshall Wace LLP owned approximately 0.29% of Marvell Technology worth $173,349,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MRVL. Samlyn Capital LLC acquired a new position in shares of Marvell Technology in the second quarter worth approximately $47,554,000. Resources Management Corp CT ADV boosted its position in Marvell Technology by 2.7% during the second quarter. Resources Management Corp CT ADV now owns 13,557 shares of the semiconductor company’s stock valued at $948,000 after acquiring an additional 350 shares during the last quarter. Davidson Kempner Capital Management LP grew its holdings in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares during the period. Xponance Inc. lifted its stake in shares of Marvell Technology by 6.0% in the 2nd quarter. Xponance Inc. now owns 80,994 shares of the semiconductor company’s stock valued at $5,661,000 after purchasing an additional 4,571 shares during the period. Finally, Nippon Life Global Investors Americas Inc. grew its stake in Marvell Technology by 22.7% during 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 during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. Finally, Oppenheimer restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Performance

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

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

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Insider Transactions at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is currently owned by company insiders.

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.