Marvell Technology, Inc. (NASDAQ:MRVL) Stock Position Lowered by Ithaka Group LLC

Ithaka Group LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 107,229 shares of the semiconductor company’s stock after selling 5,788 shares during the quarter. Marvell Technology accounts for about 1.4% of Ithaka Group LLC’s portfolio, making the stock its 28th biggest holding. Ithaka Group LLC’s holdings in Marvell Technology were worth $7,495,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Janney Montgomery Scott LLC lifted its position in shares of Marvell Technology by 27.0% during the 4th quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock valued at $2,539,000 after acquiring an additional 8,938 shares during the last quarter. Level Four Advisory Services LLC boosted its holdings in shares of Marvell Technology by 15.7% in the fourth quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock worth $496,000 after buying an additional 1,116 shares during the period. Robeco Institutional Asset Management B.V. increased its position in shares of Marvell Technology by 8.7% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 95,589 shares of the semiconductor company’s stock worth $5,765,000 after acquiring an additional 7,627 shares in the last quarter. Independent Advisor Alliance raised its holdings in shares of Marvell Technology by 18.3% during the fourth quarter. Independent Advisor Alliance now owns 12,890 shares of the semiconductor company’s stock valued at $777,000 after acquiring an additional 1,995 shares during the period. Finally, Norges Bank acquired a new position in Marvell Technology in the 4th quarter worth approximately $511,215,000. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on MRVL. Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Oppenheimer reissued an “outperform” rating and set a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Insider Activity

In other news, Director Daniel Durn purchased 1,425 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average cost of $70.21 per share, with a total value of $100,049.25. Following the acquisition, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Marvell Technology news, Director Daniel Durn acquired 1,425 shares of Marvell Technology stock in a transaction on Monday, June 24th. The shares were bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now owns 1,923 shares in the company, valued at $135,013.83. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at $1,432,931.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 60,500 shares of company stock worth $4,505,520. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 0.2 %

Shares of MRVL stock opened at $74.48 on Monday. The firm has a market cap of $66.00 billion, a PE ratio of -65.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The stock has a 50 day moving average of $68.26 and a 200-day moving average of $69.77. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. On average, equities analysts predict that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s payout ratio is presently -21.24%.

Marvell Technology Company 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.