Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 31.1% in the first quarter, HoldingsChannel reports. The fund owned 5,784 shares of the semiconductor company’s stock after selling 2,611 shares during the period. Frank Rimerman Advisors LLC’s holdings in Marvell Technology were worth $356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Marvell Technology by 262.7% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,315,251 shares of the semiconductor company’s stock valued at $80,980,000 after acquiring an additional 952,604 shares during the period. Townsquare Capital LLC lifted its holdings in Marvell Technology by 100.8% in the first quarter. Townsquare Capital LLC now owns 25,559 shares of the semiconductor company’s stock valued at $1,574,000 after acquiring an additional 12,828 shares during the period. Fayez Sarofim & Co lifted its holdings in Marvell Technology by 5.4% in the first quarter. Fayez Sarofim & Co now owns 7,602 shares of the semiconductor company’s stock valued at $468,000 after acquiring an additional 391 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Marvell Technology by 10.4% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 783,803 shares of the semiconductor company’s stock valued at $48,259,000 after acquiring an additional 73,805 shares during the period. Finally, Ontario Teachers Pension Plan Board increased its position in shares of Marvell Technology by 277.9% in the first quarter. Ontario Teachers Pension Plan Board now owns 14,635 shares of the semiconductor company’s stock valued at $901,000 after buying an additional 10,762 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the transaction, the chief financial officer owned 122,848 shares of the company’s stock, valued at approximately $7,954,408. This represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 15,148 shares of company stock worth $1,014,236 in the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $77.34 on Monday. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The business’s fifty day simple moving average is $72.98 and its 200-day simple moving average is $74.08. The firm has a market cap of $66.81 billion, a PE ratio of -135.68, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. 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 results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the company posted $0.24 EPS. The company’s quarterly revenue was up 63.3% on a year-over-year basis. Equities analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of recent analyst reports. Evercore ISI cut their price objective on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. UBS Group restated a “buy” rating on shares of Marvell Technology in a research report on Monday, June 2nd. Wall Street Zen upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Saturday. Needham & Company LLC cut Marvell Technology from a “buy” rating to a “cautious” rating in a research report on Wednesday, July 16th. Finally, Cantor Fitzgerald boosted their price objective on Marvell Technology from $60.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, June 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.70.

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.