Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Geneva Capital Management LLC

Geneva Capital Management LLC reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,944 shares of the semiconductor company’s stock after selling 2,329 shares during the period. Geneva Capital Management LLC’s holdings in Marvell Technology were worth $3,186,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MRVL. AQR Capital Management LLC grew its stake in Marvell Technology by 34.6% in the 3rd quarter. AQR Capital Management LLC now owns 129,847 shares of the semiconductor company’s stock worth $7,029,000 after acquiring an additional 33,374 shares during the period. Scotia Capital Inc. boosted its holdings in shares of Marvell Technology by 8.0% during the third quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company’s stock worth $264,000 after purchasing an additional 361 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Marvell Technology by 141.7% in the third quarter. The Manufacturers Life Insurance Company now owns 353,269 shares of the semiconductor company’s stock valued at $19,119,000 after purchasing an additional 207,124 shares during the period. Integrated Advisors Network LLC increased its stake in Marvell Technology by 7.3% in the third quarter. Integrated Advisors Network LLC now owns 15,201 shares of the semiconductor company’s stock valued at $823,000 after purchasing an additional 1,038 shares during the last quarter. Finally, Comerica Bank purchased a new position in Marvell Technology during the third quarter worth about $4,973,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $2.70 during mid-day trading on Thursday, hitting $72.18. The company had a trading volume of 11,489,674 shares, compared to its average volume of 12,796,995. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The stock has a market cap of $62.48 billion, a price-to-earnings ratio of -65.58, a PEG ratio of 3.55 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The firm’s 50 day simple moving average is $71.37 and its two-hundred day simple moving average is $69.18.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the company posted $0.17 earnings per share. The company’s revenue for the quarter was down 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Stifel Nicolaus boosted their price objective on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. KeyCorp raised their target price on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Barclays boosted their price objective on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.24.

Insider Transactions 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 Monday, April 15th. The stock was sold at an average price of $68.82, for a total value of $2,064,600.00. Following the sale, the chief executive officer now directly owns 716,545 shares in the company, valued at approximately $49,312,626.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the completion of the sale, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Over the last three months, insiders sold 131,000 shares of company stock worth $9,357,740. Company insiders own 0.33% of the company’s stock.

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.