Allspring Global Investments Holdings LLC Sells 304,843 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Allspring Global Investments Holdings LLC lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 16.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,578,213 shares of the semiconductor company’s stock after selling 304,843 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Marvell Technology were worth $113,821,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after purchasing an additional 468,086 shares during the last quarter. Janus Henderson Group PLC raised its position in 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 worth $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Van ECK Associates Corp boosted its stake in shares of Marvell Technology by 17.6% in 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 purchasing an additional 884,380 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 255,000 shares of company stock valued at $19,846,215 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of MRVL opened at $79.85 on Monday. The company has a 50 day moving average price of $71.99 and a 200-day moving average price of $70.19. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock has a market capitalization of $69.12 billion, a PE ratio of -70.66, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. Equities analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Morgan Stanley upped their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Barclays increased their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Citigroup restated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.