Federated Hermes Inc. Cuts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Federated Hermes Inc. lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 33.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 51,540 shares of the semiconductor company’s stock after selling 25,948 shares during the quarter. Federated Hermes Inc.’s holdings in Marvell Technology were worth $3,108,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Waterfront Wealth Inc. grew its holdings in shares of Marvell Technology by 1.4% during the fourth quarter. Waterfront Wealth Inc. now owns 15,193 shares of the semiconductor company’s stock worth $916,000 after buying an additional 216 shares in the last quarter. Rakuten Securities Inc. purchased a new stake in shares of Marvell Technology during the fourth quarter worth $263,000. Quantum Private Wealth LLC grew its holdings in shares of Marvell Technology by 1.0% during the fourth quarter. Quantum Private Wealth LLC now owns 34,227 shares of the semiconductor company’s stock worth $2,064,000 after buying an additional 335 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Marvell Technology by 74.9% during the fourth quarter. Avior Wealth Management LLC now owns 3,269 shares of the semiconductor company’s stock worth $197,000 after buying an additional 1,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Marvell Technology by 146.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 428,258 shares of the semiconductor company’s stock worth $25,828,000 after buying an additional 254,810 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research reports. Raymond James upped their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Morgan Stanley boosted their price target on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. TD Cowen boosted their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Finally, KeyCorp lowered their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Insiders Place Their Bets

In other Marvell Technology 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 transaction 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology 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 transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,500 shares of company stock valued at $7,477,515. 0.45% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 3.2 %

Shares of NASDAQ:MRVL opened at $69.62 on Friday. The firm’s 50 day moving average price is $69.87 and its 200 day moving average price is $62.62. The stock has a market cap of $60.29 billion, a price-to-earnings ratio of -64.46, a price-to-earnings-growth ratio of 4.94 and a beta of 1.50. Marvell Technology, Inc. has a fifty-two week low of $37.71 and a fifty-two week high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate 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%. The firm’s revenue was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 earnings per share. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued 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 0.34%. Marvell Technology’s payout ratio is currently -22.22%.

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

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.