ProShare Advisors LLC Sells 84,484 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

ProShare Advisors LLC cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 863,651 shares of the semiconductor company’s stock after selling 84,484 shares during the period. ProShare Advisors LLC’s holdings in Marvell Technology were worth $60,369,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Marvell Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after acquiring an additional 468,086 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after buying an additional 185,479 shares during the period. Matrix Capital Management Company LP lifted its holdings in shares of Marvell Technology by 14.3% during the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after buying an additional 1,888,676 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after buying an additional 1,591,874 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Marvell Technology by 17.6% during the 2nd quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock valued at $412,533,000 after buying an additional 884,380 shares during the period. 83.51% of the stock is owned by institutional investors.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $70.07, for a total transaction of $175,175.00. Following the sale, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at $1,432,931.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now directly owns 110,318 shares of the company’s stock, valued at $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the sale, the executive vice president now directly owns 20,450 shares in the company, valued at $1,432,931.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Down 1.3 %

Shares of MRVL stock opened at $73.87 on Monday. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average price is $68.20 and its 200-day moving average price is $69.63. The stock has a market capitalization of $63.94 billion, a price-to-earnings ratio of -65.37, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

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, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted $0.18 earnings per share. The business’s revenue was down 5.1% compared to the same quarter last year. Equities research analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

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.