Marvell Technology, Inc. (NASDAQ:MRVL) Position Decreased by Gateway Investment Advisers LLC

Gateway Investment Advisers LLC cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 113,209 shares of the semiconductor company’s stock after selling 706 shares during the period. Gateway Investment Advisers LLC’s holdings in Marvell Technology were worth $7,913,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Tlwm lifted its stake in Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 136 shares in the last quarter. Bruce G. Allen Investments LLC lifted its stake 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 valued at $28,000 after buying an additional 141 shares in the last quarter. Trueblood Wealth Management LLC lifted its stake in Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after buying an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its stake in Marvell Technology by 0.5% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock valued at $1,855,000 after buying an additional 162 shares in the last quarter. Finally, Oliver Lagore Vanvalin Investment Group lifted its stake in Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 165 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 1.0 %

Marvell Technology stock traded down $0.60 during mid-day trading on Friday, hitting $60.56. 7,720,144 shares of the company’s stock were exchanged, compared to its average volume of 12,616,386. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The stock has a market cap of $52.42 billion, a P/E ratio of -53.59, a P/E/G ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The stock has a 50 day moving average of $68.56 and a two-hundred day moving average of $69.48.

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

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $68.57, for a total value of $342,850.00. Following the sale, the executive vice president now directly owns 119,719 shares of the company’s stock, valued at $8,209,131.83. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $68.57, for a total value of $342,850.00. Following the completion of the sale, the executive vice president now owns 119,719 shares in the company, valued at $8,209,131.83. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel Durn bought 1,425 shares of Marvell Technology stock in a transaction that occurred on Monday, June 24th. The stock was bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the purchase, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 99,000 shares of company stock valued at $7,190,745. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. KeyCorp raised their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Jefferies Financial Group initiated coverage on shares of Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 price target for the company. B. Riley boosted their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Evercore ISI upped their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.50.

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.