Marvell Technology, Inc. (NASDAQ:MRVL) Position Cut by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,894 shares of the semiconductor company’s stock after selling 2,506 shares during the quarter. Miracle Mile Advisors LLC’s holdings in Marvell Technology were worth $1,694,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SteelPeak Wealth LLC boosted its stake in Marvell Technology by 14.4% during the 1st quarter. SteelPeak Wealth LLC now owns 187,107 shares of the semiconductor company’s stock valued at $13,262,000 after purchasing an additional 23,483 shares in the last quarter. Breakwater Capital Group boosted its stake in Marvell Technology by 12.8% during the 1st quarter. Breakwater Capital Group now owns 7,459 shares of the semiconductor company’s stock valued at $529,000 after purchasing an additional 847 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in Marvell Technology by 39.0% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock valued at $578,000 after purchasing an additional 2,286 shares in the last quarter. WD Rutherford LLC lifted its position in shares of Marvell Technology by 19.4% during the 1st quarter. WD Rutherford LLC now owns 6,465 shares of the semiconductor company’s stock valued at $458,000 after acquiring an additional 1,050 shares during the last quarter. Finally, New England Research & Management Inc. lifted its position in shares of Marvell Technology by 22.7% during the 1st quarter. New England Research & Management Inc. now owns 15,925 shares of the semiconductor company’s stock valued at $1,129,000 after acquiring an additional 2,950 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Morgan Stanley increased 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. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Stifel Nicolaus increased their price objective on Marvell Technology from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, KeyCorp reduced their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. One 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 MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.00.

Marvell Technology Stock Up 1.6 %

Shares of NASDAQ:MRVL opened at $71.00 on Tuesday. 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. The business has a fifty day simple moving average of $70.42 and a 200 day simple moving average of $68.58.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 earnings per share. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given 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 -21.24%.

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

Insider Activity

In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the stock in a transaction dated Monday, June 24th. The shares were bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the transaction, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the 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 sale, the executive vice president now 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 ninety days, insiders have sold 78,500 shares of company stock valued at $5,432,565. 0.33% of the stock is owned by insiders.

Marvell Technology Profile

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.