AE Wealth Management LLC Sells 4,462 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

AE Wealth Management LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 42,474 shares of the semiconductor company’s stock after selling 4,462 shares during the quarter. AE Wealth Management LLC’s holdings in Marvell Technology were worth $2,615,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MRVL. Hughes Financial Services LLC bought a new stake in Marvell Technology in the first quarter valued at about $26,000. Rossby Financial LCC acquired a new position in Marvell Technology in the first quarter valued at about $27,000. Security National Bank acquired a new position in Marvell Technology in the first quarter valued at about $31,000. Capital Analysts LLC grew 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 acquiring an additional 241 shares during the period. Finally, Garde Capital Inc. acquired a new position in Marvell Technology in the first quarter valued at about $39,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Melius Research boosted their target price on Marvell Technology from $67.00 to $76.00 and gave the company a “hold” rating in a research note on Wednesday, June 18th. B. Riley reissued a “buy” rating and issued a $115.00 target price (up from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. China Renaissance assumed coverage on Marvell Technology in a research note on Thursday, June 5th. They issued a “buy” rating and a $110.00 target price for the company. Cantor Fitzgerald boosted their target price on Marvell Technology from $60.00 to $75.00 and gave the company a “neutral” rating in a research note on Wednesday, June 18th. Finally, Barclays decreased their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.47.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $74.21 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The stock’s 50 day moving average price is $69.95 and its two-hundred day moving average price is $77.67. The firm has a market capitalization of $64.10 billion, a price-to-earnings ratio of -130.19, a P/E/G ratio of 0.80 and a beta of 1.81. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48.

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

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -42.11%.

Insider Transactions at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer owned 92,065 shares in the company, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Casper sold 3,000 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president owned 17,163 shares in the company, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 17,934 shares of company stock worth $1,187,826 in the last ninety days. 0.19% of the stock is currently owned by company 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.