Marvell Technology, Inc. (NASDAQ:MRVL) Stake Lowered by Deltec Asset Management LLC

Deltec Asset Management LLC lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 30.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 110,731 shares of the semiconductor company’s stock after selling 47,500 shares during the quarter. Marvell Technology comprises 1.5% of Deltec Asset Management LLC’s portfolio, making the stock its 18th largest holding. Deltec Asset Management LLC’s holdings in Marvell Technology were worth $7,849,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. SJS Investment Consulting Inc. lifted its holdings in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC increased its position in Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Raleigh Capital Management Inc. raised its position in Marvell Technology by 532.3% during the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 527 shares in the last quarter. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $35,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $1.17 during trading hours on Friday, reaching $69.90. The stock had a trading volume of 22,414,346 shares, compared to its average volume of 11,605,229. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The company has a market cap of $60.51 billion, a price-to-earnings ratio of -61.86, a PEG ratio of 3.31 and a beta of 1.46. The business’s fifty day moving average is $70.26 and its two-hundred day moving average is $68.42. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 earnings per share. As a group, research analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology declared that its board has initiated a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares in the company, valued at approximately $8,466,647.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders have sold 79,500 shares of company stock worth $5,504,065 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MRVL. KeyCorp lowered their target price on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday, April 8th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Barclays increased their target price on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Finally, Morgan Stanley raised their price objective on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $85.00.

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.