Los Angeles Capital Management LLC Trims Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Los Angeles Capital Management LLC cut its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 43.3% in the second quarter, HoldingsChannel.com reports. The firm owned 6,009 shares of the semiconductor company’s stock after selling 4,580 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Marvell Technology were worth $420,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of MRVL. Norges Bank purchased a new position in Marvell Technology during the fourth quarter worth about $511,215,000. Lazard Asset Management LLC boosted its position in shares of Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after purchasing an additional 3,993,414 shares during the period. Aspex Management HK Ltd increased its holdings in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the last quarter. Whale Rock Capital Management LLC purchased a new stake in Marvell Technology in the first quarter valued at approximately $181,559,000. Finally, Swedbank AB lifted its stake in Marvell Technology by 653.5% during the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after purchasing an additional 2,024,269 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of MRVL opened at $74.48 on Friday. The company has a market capitalization of $66.00 billion, a price-to-earnings ratio of -65.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $68.26 and a 200 day moving average price of $69.77.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. Research analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The disclosure for this sale can be found here. In the last three months, insiders sold 65,500 shares of company stock valued at $4,872,620. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Morgan Stanley increased their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, The Goldman Sachs Group upped their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Company 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.