E Fund Management Co. Ltd. Cuts Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

E Fund Management Co. Ltd. lessened its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 61.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,426 shares of the semiconductor company’s stock after selling 11,872 shares during the period. E Fund Management Co. Ltd.’s holdings in Marvell Technology were worth $448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Massachusetts Financial Services Co. MA increased its holdings in shares of Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after acquiring an additional 2,142,391 shares during the period. Fred Alger Management LLC grew its stake in Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after acquiring an additional 95,003 shares during the last quarter. NewEdge Wealth LLC increased its stake in shares of Marvell Technology by 15.6% during the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares in the last quarter. Montag A & Associates Inc. lifted its position in shares of Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after acquiring an additional 8,836 shares in the last quarter. Finally, Scotia Capital Inc. boosted its stake in shares of Marvell Technology by 8.0% during the 3rd quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company’s stock worth $264,000 after purchasing an additional 361 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now owns 102,986 shares in the company, valued at $6,981,420.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock valued at $7,473,805 in the last three months. Corporate insiders own 0.45% of the company’s stock.

Analyst Ratings Changes

MRVL has been the topic of a number of research reports. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. Citigroup reissued a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a report on Wednesday, March 27th. Evercore ISI began coverage on Marvell Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target for the company. Raymond James upped their price objective on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Finally, Barclays lifted their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $0.43 during trading hours on Thursday, reaching $67.68. The company had a trading volume of 10,102,118 shares, compared to its average volume of 13,532,603. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average of $69.88 and a two-hundred day moving average of $63.51. Marvell Technology, Inc. has a one year low of $39.23 and a one year high of $85.76. The firm has a market capitalization of $58.61 billion, a PE ratio of -63.53, a PEG ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting 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 business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the firm earned $0.34 EPS. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology announced that its board has approved a stock repurchase plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

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.