Gulf International Bank UK Ltd Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Gulf International Bank UK Ltd lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,051 shares of the semiconductor company’s stock after selling 16,279 shares during the period. Gulf International Bank UK Ltd’s holdings in Marvell Technology were worth $3,143,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MRVL. Hughes Financial Services LLC purchased a new position in shares of Marvell Technology during the first quarter worth $26,000. Rossby Financial LCC purchased a new position in shares of Marvell Technology during the first quarter worth $27,000. Financial Connections Group Inc. boosted its holdings in Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after buying an additional 388 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in Marvell Technology during the first quarter worth $28,000. Finally, Security National Bank purchased a new stake in Marvell Technology during the first quarter worth $31,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the company’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the sale, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. This represents a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, June 16th. The shares were 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 in the company, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,409 shares of company stock worth $445,964 in the last three months. 0.19% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 1.9%

Shares of NASDAQ:MRVL opened at $79.32 on Thursday. 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 business has a fifty day moving average of $73.87 and a two-hundred day moving average of $73.82. The stock has a market cap of $68.52 billion, a P/E ratio of -139.16, a PEG ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a 52-week low of $47.08 and a 52-week high of $127.48.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results 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 company had revenue of $1.90 billion during 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%. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. On average, research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts recently issued reports on MRVL shares. Melius downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target on the stock. in a report on Thursday, May 22nd. Evercore ISI lowered their price target on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Redburn Atlantic started coverage on shares of Marvell Technology in a report on Wednesday, May 28th. They set a “neutral” rating and a $67.00 price target on the stock. Needham & Company LLC downgraded shares of Marvell Technology from a “buy” rating to a “cautious” rating in a report on Wednesday, July 16th. Finally, Stifel Nicolaus lowered their price target on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $94.70.

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.