Tsfg LLC Sells 151 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Tsfg LLC reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,481 shares of the semiconductor company’s stock after selling 151 shares during the quarter. Tsfg LLC’s holdings in Marvell Technology were worth $105,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC boosted its position in Marvell Technology by 56.4% in 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. 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 during the period. Blue Trust Inc. lifted its position in shares of Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 155 shares during the period. Versant Capital Management Inc boosted its position in shares of Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 161 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. boosted 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 worth $1,855,000 after acquiring an additional 162 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, May 31st. Citigroup reissued a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. TD Cowen raised their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Finally, Jefferies Financial Group assumed coverage on shares of Marvell Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $85.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $85.00.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’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 value of $71,500.00. Following the transaction, the chief financial officer now owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 79,500 shares of company stock worth $5,504,065. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

MRVL opened at $69.90 on Friday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The business has a 50 day simple moving average of $70.26 and a two-hundred day simple moving average of $68.32. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its 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. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm posted $0.17 EPS. The company’s revenue for the quarter was down 12.2% compared to the same quarter last year. As a group, 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 disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, July 12th. Marvell Technology’s payout ratio is currently -21.24%.

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

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.