City State Bank Cuts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

City State Bank trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 3.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,163 shares of the semiconductor company’s stock after selling 250 shares during the quarter. City State Bank’s holdings in Marvell Technology were worth $372,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Versant Capital Management Inc grew its stake in shares of Marvell Technology by 34.7% in the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 161 shares during the last quarter. Synovus Financial Corp increased its position in Marvell Technology by 4.6% during the third quarter. Synovus Financial Corp now owns 4,237 shares of the semiconductor company’s stock valued at $229,000 after acquiring an additional 185 shares during the last quarter. Cary Street Partners Investment Advisory LLC grew its position in Marvell Technology by 10.4% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 2,104 shares of the semiconductor company’s stock valued at $114,000 after buying an additional 198 shares during the period. Trifecta Capital Advisors LLC grew its holdings in Marvell Technology by 17.7% during the third quarter. Trifecta Capital Advisors LLC now owns 1,499 shares of the semiconductor company’s stock valued at $81,000 after purchasing an additional 225 shares during the period. Finally, Whittier Trust Co. raised its stake in Marvell Technology by 59.9% during the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock valued at $33,000 after purchasing an additional 226 shares during the period. 83.32% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 0.5 %

Marvell Technology stock opened at $67.20 on Tuesday. The company’s 50 day moving average is $69.43 and its two-hundred day moving average is $59.85. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVLGet Free Report) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the company earned $0.34 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. Research analysts predict that Marvell Technology, Inc. will post 0.76 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology declared that its Board of Directors has initiated a stock buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research reports. Piper Sandler lowered their price objective on shares of Marvell Technology from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, December 1st. Raymond James increased their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Morgan Stanley boosted their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. Needham & Company LLC reissued a “buy” rating and set a $65.00 price target on shares of Marvell Technology in a report on Friday, December 1st. Finally, StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Monday, March 11th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $75.08.

View Our Latest Stock Analysis on Marvell Technology

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now owns 99,730 shares in the company, valued at approximately $5,983,800. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now owns 99,730 shares in the company, valued at $5,983,800. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the completion of the sale, the executive vice president now directly owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders have sold a total of 142,000 shares of company stock worth $9,223,330 over the last ninety days. Corporate insiders own 0.45% of the company’s stock.

Marvell Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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