Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by ING Groep NV

ING Groep NV lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 74.5% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 18,145 shares of the semiconductor company’s stock after selling 53,017 shares during the quarter. ING Groep NV’s holdings in Marvell Technology were worth $1,117,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Bank Pictet & Cie Europe AG increased its position in Marvell Technology by 0.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company’s stock worth $7,368,000 after purchasing an additional 460 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Marvell Technology during the 4th quarter worth approximately $139,000. Bank of Montreal Can raised its position in shares of Marvell Technology by 191.1% during the 4th quarter. Bank of Montreal Can now owns 786,860 shares of the semiconductor company’s stock valued at $86,909,000 after buying an additional 516,571 shares during the period. Bernard Wealth Management Corp. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $45,000. Finally, Advisory Services Network LLC grew its position in Marvell Technology by 35.3% in the fourth quarter. Advisory Services Network LLC now owns 30,635 shares of the semiconductor company’s stock worth $3,384,000 after acquiring an additional 8,001 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. B. Riley reiterated a “buy” rating and set a $115.00 price target (up from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Evercore ISI lowered their target price on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. Loop Capital dropped their price target on shares of Marvell Technology from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Bank of America upped their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 18th. Finally, UBS Group reiterated a “buy” rating on shares of Marvell Technology in a report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $94.70.

Marvell Technology Stock Down 1.7%

MRVL stock opened at $75.32 on Thursday. The stock has a market capitalization of $65.06 billion, a PE ratio of -132.14, a price-to-earnings-growth ratio of 0.83 and a beta of 1.83. The company has a fifty day moving average of $72.38 and a 200-day moving average of $75.45. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

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

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology’s dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer owned 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer owned 92,065 shares of the company’s stock, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 16,434 shares of company stock worth $1,097,826. Insiders own 0.19% of the company’s stock.

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.