Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 75.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,848 shares of the semiconductor company’s stock after selling 84,705 shares during the quarter. Principal Financial Group Inc.’s holdings in Marvell Technology were worth $2,008,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Whale Rock Capital Management LLC acquired a new position in shares of Marvell Technology in the 1st quarter valued at $181,559,000. Ameriprise Financial Inc. raised its position in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the period. Swedbank AB boosted its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after acquiring an additional 2,024,269 shares during the last quarter. Janus Henderson Group PLC grew its position in Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after acquiring an additional 1,591,874 shares during the period. Finally, Van ECK Associates Corp increased its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MRVL has been the subject of a number of research reports. Piper Sandler reiterated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Evercore ISI lifted their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Three investment 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Marvell Technology Trading Down 0.5 %

MRVL opened at $92.51 on Friday. The firm’s fifty day moving average price is $80.31 and its 200 day moving average price is $73.36. The stock has a market capitalization of $81.98 billion, a PE ratio of -83.34, a P/E/G ratio of 3.88 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the firm earned $0.18 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Insiders Place Their Bets

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. Company insiders own 0.33% of the company’s stock.

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.