Eagle Asset Management Inc. Sells 472,776 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Eagle Asset Management Inc. lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 25.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,397,412 shares of the semiconductor company’s stock after selling 472,776 shares during the period. Eagle Asset Management Inc. owned 0.16% of Marvell Technology worth $100,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in the company. Edgestream Partners L.P. bought a new position in shares of Marvell Technology in the 1st quarter valued at $394,000. O Shaughnessy Asset Management LLC increased its stake in shares of Marvell Technology by 22.3% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company’s stock valued at $1,896,000 after purchasing an additional 4,882 shares during the last quarter. UniSuper Management Pty Ltd increased its stake in shares of Marvell Technology by 93.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company’s stock valued at $865,000 after purchasing an additional 5,900 shares during the last quarter. CreativeOne Wealth LLC bought a new position in shares of Marvell Technology in the 1st quarter valued at $393,000. Finally, Axxcess Wealth Management LLC bought a new position in shares of Marvell Technology in the 1st quarter valued at $204,000. Institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Benchmark raised their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price objective on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.77.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $92.94 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business has a 50-day simple moving average of $79.94 and a 200 day simple moving average of $73.22. The firm has a market capitalization of $82.36 billion, a price-to-earnings ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09.

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

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

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.