Gulf International Bank UK Ltd Reduces Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Gulf International Bank UK Ltd trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 24.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,051 shares of the semiconductor company’s stock after selling 16,279 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Marvell Technology were worth $3,143,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MRVL. Coldstream Capital Management Inc. increased its stake in Marvell Technology by 1.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company’s stock worth $1,253,000 after purchasing an additional 116 shares during the period. Virtue Capital Management LLC increased its stake in Marvell Technology by 2.1% in the fourth quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company’s stock worth $856,000 after purchasing an additional 163 shares during the period. Kolinsky Wealth Management LLC increased its stake in Marvell Technology by 3.3% in the fourth quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company’s stock worth $622,000 after purchasing an additional 181 shares during the period. Alta Advisers Ltd increased its stake in Marvell Technology by 7.3% in the fourth quarter. Alta Advisers Ltd now owns 2,898 shares of the semiconductor company’s stock worth $320,000 after purchasing an additional 198 shares during the period. Finally, Denali Advisors LLC increased its stake in Marvell Technology by 2.3% in the first quarter. Denali Advisors LLC now owns 8,713 shares of the semiconductor company’s stock worth $536,000 after purchasing an additional 200 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

Shares of MRVL opened at $79.32 on Thursday. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48. The stock has a fifty day moving average price of $73.87 and a 200-day moving average price of $73.82. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market cap of $68.52 billion, a PE ratio of -139.16, a P/E/G ratio of 0.84 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the company earned $0.24 earnings per share. The business’s quarterly revenue was up 63.3% compared to the same quarter last year. Equities research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology’s payout ratio is currently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares of the company’s stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 6,409 shares of company stock valued at $445,964. 0.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft reduced their target price on Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. China Renaissance initiated coverage on Marvell Technology in a research note on Thursday, June 5th. They issued a “buy” rating and a $110.00 target price on the stock. Wall Street Zen upgraded Marvell Technology from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. TD Cowen upped their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 30th. Finally, KeyCorp lowered their target price on Marvell Technology from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $94.70.

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.