Raymond James Financial Services Advisors Inc. Sells 899 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James Financial Services Advisors Inc. lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% in the 1st quarter, Holdings Channel reports. The firm owned 170,508 shares of the semiconductor company’s stock after selling 899 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Marvell Technology were worth $12,086,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MRVL. Norges Bank purchased a new stake in Marvell Technology during the fourth quarter valued at $511,215,000. Matrix Capital Management Company LP raised its position in shares of Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after buying an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. lifted its holdings in shares of Marvell Technology by 25.9% in the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after acquiring an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd increased its stake in Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after acquiring an additional 2,908,912 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price for the company. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Citigroup restated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. Barclays upped their price target on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. Finally, Oppenheimer reissued an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Up 2.8 %

NASDAQ MRVL traded up $1.84 during trading on Friday, reaching $68.51. 9,011,548 shares of the company’s stock traded hands, compared to its average volume of 11,829,374. The company’s 50 day simple moving average is $69.85 and its two-hundred day simple moving average is $63.12. Marvell Technology, Inc. has a 12-month low of $38.63 and a 12-month high of $85.76. The firm has a market cap of $59.33 billion, a price-to-earnings ratio of -63.43, a price-to-earnings-growth ratio of 4.88 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. Marvell Technology’s revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology declared that its board has initiated a stock buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at $6,981,420.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the sale, the executive vice president now owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,473,805 over the last quarter. 0.45% of the stock is owned by corporate 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.