Principal Financial Group Inc. Has $1.28 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Principal Financial Group Inc. reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 84.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,736 shares of the semiconductor company’s stock after selling 114,522 shares during the quarter. Principal Financial Group Inc.’s holdings in Marvell Technology were worth $1,277,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Lee Danner & Bass Inc. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $35,000. Capital Analysts LLC lifted its stake in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after buying an additional 241 shares during the period. Chelsea Counsel Co. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $44,000. Bernard Wealth Management Corp. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $45,000. Finally, Johnson Financial Group Inc. lifted its stake in Marvell Technology by 125.0% in the fourth quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company’s stock valued at $48,000 after buying an additional 235 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent research reports. Melius Research boosted their price objective on Marvell Technology from $67.00 to $76.00 and gave the company a “hold” rating in a report on Wednesday, June 18th. China Renaissance started coverage on Marvell Technology in a research report on Thursday, June 5th. They issued a “buy” rating and a $110.00 price target for the company. Bank of America increased their price target on Marvell Technology from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, June 18th. Barclays lowered their price target on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Melius lowered Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $94.47.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $74.65 on Friday. The business’s 50-day moving average price is $69.11 and its two-hundred day moving average price is $78.91. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The stock has a market cap of $64.48 billion, a P/E ratio of -130.96, a PEG ratio of 0.81 and a beta of 1.81. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. Marvell Technology’s revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period last year, the firm posted $0.24 EPS. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s payout ratio is -42.11%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 in the last 90 days. 0.19% of the stock is owned by insiders.

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.