Swiss National Bank Sells 68,100 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Swiss National Bank reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 2,698,003 shares of the semiconductor company’s stock after selling 68,100 shares during the quarter. Swiss National Bank’s holdings in Marvell Technology were worth $162,717,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of MRVL. Matrix Capital Management Company LP raised its stake in Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after acquiring an additional 4,634,127 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after acquiring an additional 2,142,391 shares during the last quarter. Wellington Management Group LLP grew its position in Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after acquiring an additional 2,115,366 shares during the last quarter. Alkeon Capital Management LLC bought a new stake in shares of Marvell Technology during the third quarter worth $102,847,000. Finally, Rokos Capital Management LLP increased its stake in shares of Marvell Technology by 176.5% in the 3rd quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after buying an additional 930,158 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have weighed in on MRVL. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. KeyCorp cut their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Finally, B. Riley reissued a “buy” rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $81.13.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on 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 owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,500 shares of company stock valued at $7,473,805. Corporate insiders own 0.45% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $1.84 during trading on Friday, reaching $68.51. The stock had a trading volume of 9,010,436 shares, compared to its average volume of 13,810,998. The firm’s 50 day moving average price is $69.84 and its two-hundred day moving average price is $62.95. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. Marvell Technology, Inc. has a one year low of $38.63 and a one year high of $85.76. The stock has a market cap of $59.33 billion, a PE ratio of -63.43, a P/E/G ratio of 4.67 and a beta of 1.48.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology declared that its board has initiated a share buyback plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Marvell Technology 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.