Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by AEGON ASSET MANAGEMENT UK Plc

AEGON ASSET MANAGEMENT UK Plc reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 47.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,691 shares of the semiconductor company's stock after selling 70,656 shares during the period. AEGON ASSET MANAGEMENT UK Plc's holdings in Marvell Technology were worth $4,844,000 as of its most recent filing with the Securities and Exchange Commission.

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A number of other institutional investors have also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA acquired a new stake in shares of Marvell Technology in the fourth quarter valued at $16,699,000. Caprock Group LLC lifted its holdings in Marvell Technology by 8.1% in the 4th quarter. Caprock Group LLC now owns 8,784 shares of the semiconductor company's stock valued at $970,000 after acquiring an additional 656 shares during the last quarter. Journey Strategic Wealth LLC acquired a new stake in Marvell Technology in the 4th quarter valued at about $313,000. U.S. Capital Wealth Advisors LLC acquired a new stake in Marvell Technology in the 4th quarter valued at about $2,297,000. Finally, Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter worth approximately $33,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $62.36 on Wednesday. The business's 50-day moving average price is $58.56 and its two-hundred day moving average price is $86.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company has a market capitalization of $53.87 billion, a P/E ratio of -36.68, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

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Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. Analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio is -42.11%.

Insider Buying and Selling

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In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer now owns 92,065 shares of the company's stock, valued at $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 626 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Raymond James restated an "outperform" rating and set a $90.00 target price (down from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Piper Sandler reiterated an "overweight" rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. B. Riley reduced their target price on Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a report on Monday, May 19th. Summit Insights downgraded Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Finally, Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.21.

Get Our Latest Report on Marvell Technology

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.

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