Russell Investments Group Ltd. Lowers Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Russell Investments Group Ltd. trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 12.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 135,845 shares of the semiconductor company’s stock after selling 18,831 shares during the period. Russell Investments Group Ltd.’s holdings in Marvell Technology were worth $8,250,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Matrix Capital Management Company LP increased its holdings in shares of Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in 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 worth $381,257,000 after acquiring an additional 2,142,391 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after acquiring an additional 2,115,366 shares in the last quarter. Alkeon Capital Management LLC bought a new position in shares of Marvell Technology during the 3rd quarter valued at approximately $102,847,000. Finally, Rokos Capital Management LLP grew its holdings in shares of Marvell Technology by 176.5% in the third quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after purchasing an additional 930,158 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 1.6 %

NASDAQ:MRVL opened at $68.68 on Wednesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm has a market cap of $59.48 billion, a PE ratio of -63.59, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48. The company has a 50-day moving average of $69.87 and a 200 day moving average of $63.48. Marvell Technology, Inc. has a 1-year low of $39.23 and a 1-year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm earned $0.34 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

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

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated 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 sale, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. 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 quarter. 0.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Raymond James upped their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. KeyCorp dropped their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. TD Cowen upped their price objective on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Finally, Oppenheimer restated an “outperform” rating and set a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

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.