AEGON ASSET MANAGEMENT UK Plc Sells 329,644 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

AEGON ASSET MANAGEMENT UK Plc lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 62.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 200,725 shares of the semiconductor company's stock after selling 329,644 shares during the quarter. AEGON ASSET MANAGEMENT UK Plc's holdings in Marvell Technology were worth $14,476,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MRVL. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP acquired a new stake in Marvell Technology during the second quarter worth $32,000. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology in the 1st quarter valued at $35,000. Whittier Trust Co. raised its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock valued at $35,000 after buying an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 336 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Down 0.1 %

Shares of NASDAQ MRVL traded down $0.14 during mid-day trading on Friday, hitting $93.80. The company's stock had a trading volume of 8,339,963 shares, compared to its average volume of 10,812,190. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. The company's fifty day simple moving average is $76.88 and its 200-day simple moving average is $71.86. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock has a market cap of $83.13 billion, a price-to-earnings ratio of -84.50, a price-to-earnings-growth ratio of 3.94 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for 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 quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company's stock, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 261,000 shares of company stock worth $20,330,835. Corporate insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Benchmark upped their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Stifel Nicolaus restated a "buy" rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America upped their price target on Marvell Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Finally, Citigroup reiterated a "buy" rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $91.62.

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.