Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by TIAA Trust National Association

TIAA Trust National Association cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 27.5% during the fourth quarter, HoldingsChannel.com reports. The fund owned 35,634 shares of the semiconductor company’s stock after selling 13,486 shares during the period. TIAA Trust National Association’s holdings in Marvell Technology were worth $2,149,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MRVL. Moneta Group Investment Advisors LLC raised its position in Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after buying an additional 62,400,056 shares during the last quarter. Matrix Capital Management Company LP purchased a new position in shares of Marvell Technology in the 2nd quarter valued at about $510,085,000. Norges Bank purchased a new position in shares of Marvell Technology in the 4th quarter valued at about $188,566,000. Renaissance Technologies LLC purchased a new position in shares of Marvell Technology in the 1st quarter valued at about $107,779,000. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Marvell Technology by 43.7% in 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 purchasing an additional 2,142,391 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research analyst reports. UBS Group increased their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Barclays increased their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. Oppenheimer reissued an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Cantor Fitzgerald started coverage on shares of Marvell Technology in a research note on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 price objective on the stock. Finally, Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.75.

View Our Latest Stock Report on Marvell Technology

Marvell Technology Price Performance

Marvell Technology stock opened at $73.03 on Thursday. Marvell Technology, Inc. has a 1 year low of $36.90 and a 1 year high of $85.76. The firm has a 50 day moving average price of $69.93 and a 200 day moving average price of $60.91. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVLGet Free Report) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. The firm 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%. Marvell Technology’s revenue was up .6% compared to the same quarter last year. During the same period in the previous 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Marvell Technology announced that its board has initiated a stock repurchase 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 purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the transaction, the chief financial officer now directly owns 99,730 shares of the company’s stock, valued at $5,983,800. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the transaction, the executive vice president now directly owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 99,730 shares in the company, valued at $5,983,800. The disclosure for this sale can be found here. Insiders have sold a total of 139,000 shares of company stock valued at $9,054,790 over the last ninety days. Corporate insiders own 0.45% of the company’s stock.

Marvell Technology Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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