Eagle Asset Management Inc. Sells 472,776 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Eagle Asset Management Inc. lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 25.3% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,397,412 shares of the semiconductor company's stock after selling 472,776 shares during the period. Eagle Asset Management Inc. owned approximately 0.16% of Marvell Technology worth $100,781,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in MRVL. Davidson Kempner Capital Management LP lifted its holdings in Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock valued at $17,482,000 after acquiring an additional 52,365 shares during the period. Braun Stacey Associates Inc. purchased a new position in shares of Marvell Technology in the third quarter worth approximately $16,435,000. Diversified Trust Co bought a new position in Marvell Technology in the second quarter worth approximately $932,000. WD Rutherford LLC boosted its stake in shares of Marvell Technology by 182.5% during the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company's stock worth $1,317,000 after acquiring an additional 11,801 shares during the last quarter. Finally, Silicon Valley Capital Partners grew its position in shares of Marvell Technology by 254.6% during the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company's stock valued at $2,378,000 after acquiring an additional 23,678 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MRVL shares. Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 30th. Piper Sandler reiterated an "overweight" rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America raised their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group lifted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and an average price target of $91.77.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company's stock, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the company's stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded down $0.12 during mid-day trading on Friday, hitting $92.82. 5,025,121 shares of the company's stock traded hands, compared to its average volume of 12,026,110. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.09. The company's 50-day moving average is $79.94 and its two-hundred day moving average is $73.22. The company has a market capitalization of $82.26 billion, a P/E ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology's dividend payout ratio (DPR) is -21.62%.

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.