Los Angeles Capital Management LLC Sells 2,372 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Los Angeles Capital Management LLC reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 18.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,589 shares of the semiconductor company’s stock after selling 2,372 shares during the period. Los Angeles Capital Management LLC’s holdings in Marvell Technology were worth $751,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its position in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Oliver Lagore Vanvalin Investment Group boosted 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 valued at $31,000 after acquiring an additional 165 shares in the last quarter. Raleigh Capital Management Inc. grew its position in Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 527 shares during the last quarter. Versant Capital Management Inc increased its holdings in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 161 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 155 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $67.77 on Tuesday. The firm has a market capitalization of $58.66 billion, a P/E ratio of -59.97, a P/E/G ratio of 3.47 and a beta of 1.46. The firm’s 50-day moving average price is $70.00 and its 200-day moving average price is $68.10. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76.

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

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s payout ratio is currently -21.24%.

Marvell Technology announced that its Board of Directors has initiated a share buyback program on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts have recently issued reports on the company. Barclays upped their price objective on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, May 31st. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. UBS Group increased their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Finally, Evercore ISI raised their target price on Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $68.82, for a total value of $2,064,600.00. Following the completion of the sale, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at $7,774,586.25. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 79,500 shares of company stock worth $5,504,065. Insiders own 0.33% of the company’s stock.

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.