Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 367,566 shares of the semiconductor company’s stock after selling 20,925 shares during the period. Cullen Frost Bankers Inc.’s holdings in Marvell Technology were worth $22,168,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its stake in Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after acquiring an additional 2,142,391 shares during the period. Fred Alger Management LLC lifted its stake in shares of Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC lifted its stake in shares of Marvell Technology by 15.6% in the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the period. Montag A & Associates Inc. lifted its stake in shares of Marvell Technology by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. Finally, Scotia Capital Inc. lifted its stake in shares of Marvell Technology by 8.0% in the 3rd quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company’s stock valued at $264,000 after purchasing an additional 361 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on MRVL. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Tuesday. Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. TD Cowen upped their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. 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 1,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the transaction, the chief financial officer now owns 102,986 shares in the company, valued at $6,981,420.94. 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 90 days. 0.45% of the stock is owned by corporate insiders.

Marvell Technology Stock Down 1.6 %

Shares of MRVL traded down $1.14 during mid-day trading on Tuesday, hitting $68.68. 6,449,670 shares of the company’s stock were exchanged, compared to its average volume of 13,650,176. The company has a market cap of $59.48 billion, a price-to-earnings ratio of -63.59, a P/E/G ratio of 5.01 and a beta of 1.48. Marvell Technology, Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The stock’s 50-day moving average is $69.87 and its 200-day moving average is $63.48.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 earnings per share. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

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

About Marvell Technology

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.