Marvell Technology, Inc. $MRVL Shares Sold by Fisher Asset Management LLC

Fisher Asset Management LLC lowered its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 8.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 805,299 shares of the semiconductor company’s stock after selling 69,821 shares during the quarter. Fisher Asset Management LLC owned about 0.09% of Marvell Technology worth $62,330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. Taylor Frigon Capital Management LLC increased its stake in shares of Marvell Technology by 16.5% during the second quarter. Taylor Frigon Capital Management LLC now owns 33,605 shares of the semiconductor company’s stock worth $2,601,000 after acquiring an additional 4,748 shares during the period. Waterfront Wealth Inc. boosted its holdings in Marvell Technology by 21.5% in the 2nd quarter. Waterfront Wealth Inc. now owns 18,394 shares of the semiconductor company’s stock valued at $1,424,000 after purchasing an additional 3,258 shares in the last quarter. BOCHK Asset Management Ltd acquired a new position in Marvell Technology during the 2nd quarter worth approximately $1,486,000. Westbourne Investments Inc. increased its position in Marvell Technology by 442.4% during the 2nd quarter. Westbourne Investments Inc. now owns 21,695 shares of the semiconductor company’s stock worth $1,679,000 after purchasing an additional 17,695 shares during the period. Finally, Triton Financial Group Inc purchased a new position in shares of Marvell Technology during the 2nd quarter worth approximately $1,543,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Chris Koopmans bought 6,800 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 25th. The shares were purchased at an average price of $78.03 per share, with a total value of $530,604.00. Following the purchase, the chief operating officer owned 104,825 shares in the company, valued at $8,179,494.75. This represents a 6.94% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew J. Murphy bought 13,600 shares of the stock in a transaction on Thursday, September 25th. The shares were bought at an average price of $77.09 per share, for a total transaction of $1,048,424.00. Following the acquisition, the chief executive officer owned 268,637 shares in the company, valued at $20,709,226.33. The trade was a 5.33% increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders have bought 27,200 shares of company stock valued at $2,109,632. 0.19% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MRVL shares. Barclays restated an “equal weight” rating and issued a $80.00 price target on shares of Marvell Technology in a research note on Monday, October 20th. BNP Paribas upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Friday, August 29th. Morgan Stanley upped their price target on shares of Marvell Technology from $76.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Monday. Zacks Research upgraded shares of Marvell Technology from a “strong sell” rating to a “hold” rating in a research note on Wednesday, September 24th. Finally, Rosenblatt Securities restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Monday. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $94.72.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $91.10 on Tuesday. The company has a current ratio of 1.88, a quick ratio of 1.44 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $86.38 and its 200 day moving average price is $76.40. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The stock has a market cap of $78.54 billion, a price-to-earnings ratio of -700.77, a PEG ratio of 1.10 and a beta of 1.95.

Marvell Technology declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, September 24th that permits the company to repurchase $5.00 billion in shares. This repurchase authorization permits the semiconductor company to buy up to 7.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, October 10th. Marvell Technology’s dividend payout ratio (DPR) is -184.62%.

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.