Wolff Wiese Magana LLC Sells 4,144 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wolff Wiese Magana LLC trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 20.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,611 shares of the semiconductor company’s stock after selling 4,144 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Marvell Technology were worth $1,023,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC boosted its stake in shares of Marvell Technology by 5.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company’s stock valued at $266,000 after purchasing an additional 206 shares during the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Marvell Technology in the 4th quarter valued at $16,699,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Marvell Technology during the fourth quarter worth $45,211,000. Finally, Yousif Capital Management LLC increased its position in shares of Marvell Technology by 8.4% during the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company’s stock worth $927,000 after buying an additional 1,164 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 1.9%

Shares of NASDAQ MRVL opened at $73.51 on Friday. The stock has a market capitalization of $63.50 billion, a P/E ratio of -128.96, a P/E/G ratio of 0.80 and a beta of 1.76. The company has a 50-day moving average price of $62.02 and a 200-day moving average price of $84.26. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

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

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology’s dividend payout ratio is currently -42.11%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the transaction, the chief accounting officer now directly owns 32,094 shares in the company, valued at $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,394 shares of company stock worth $1,656,076 over the last three months. 0.19% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent analyst reports. Barclays decreased their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Rosenblatt Securities reiterated a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday. Melius cut shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price objective for the company. in a research report on Thursday, May 22nd. Piper Sandler reiterated an “overweight” rating and set a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $96.33.

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.