Eagle Asset Management Inc. Sells 472,776 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Eagle Asset Management Inc. lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 25.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,397,412 shares of the semiconductor company’s stock after selling 472,776 shares during the quarter. Eagle Asset Management Inc.’s holdings in Marvell Technology were worth $100,781,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the second quarter valued at $32,000. Quarry LP purchased a new stake in shares of Marvell Technology during the second quarter worth about $32,000. Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new stake in Marvell Technology in the third quarter worth about $43,000. Finally, Exchange Traded Concepts LLC lifted its holdings in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Loop Capital assumed coverage on shares of Marvell Technology in a research note on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Bank of America raised their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities raised their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Price Performance

Shares of MRVL opened at $92.94 on Friday. The company has a market cap of $82.36 billion, a price-to-earnings ratio of -83.73, a price-to-earnings-growth ratio of 3.88 and a beta of 1.44. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average of $79.94 and a two-hundred day moving average of $73.22.

Marvell Technology (NASDAQ:MRVL) last announced its 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. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the firm earned $0.18 earnings per share. As a group, analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Marvell Technology 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.