Harvest Fund Management Co. Ltd Sells 9,841 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 35.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 17,542 shares of the semiconductor company’s stock after selling 9,841 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $1,057,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. SJS Investment Consulting Inc. boosted its stake in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Buck Wealth Strategies LLC lifted its stake in shares of Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 425 shares during the period. Oliver Lagore Vanvalin Investment Group increased its holdings in Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. BluePath Capital Management LLC bought a new stake in Marvell Technology in the third quarter worth approximately $31,000. Finally, Whittier Trust Co. increased its holdings in Marvell Technology by 59.9% in the third quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 226 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $0.98 during trading on Tuesday, reaching $63.86. 9,147,175 shares of the stock traded hands, compared to its average volume of 14,085,014. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The company has a 50-day moving average of $69.97 and a 200-day moving average of $62.40. The stock has a market capitalization of $55.30 billion, a P/E ratio of -59.13, a price-to-earnings-growth ratio of 4.54 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the previous year, the company posted $0.34 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MRVL shares. Evercore ISI initiated coverage on Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price for the company. Stifel Nicolaus restated a “buy” rating and set a $86.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. TD Cowen upped their price target on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Finally, Oppenheimer reiterated an “outperform” rating and set a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Two analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is owned by company insiders.

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.