DNB Asset Management AS Trims Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Posted by Defense World Staff on Sep 23rd, 2023

DNB Asset Management AS trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 172,266 shares of the semiconductor company’s stock after selling 1,256 shares during the quarter. DNB Asset Management AS’s holdings in Marvell Technology were worth $10,298,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MRVL. Barrett & Company Inc. purchased a new position in Marvell Technology during the first quarter valued at $26,000. Resurgent Financial Advisors LLC purchased a new position in Marvell Technology during the fourth quarter valued at $28,000. KB Financial Partners LLC purchased a new position in Marvell Technology during the first quarter valued at $32,000. Oakworth Capital Inc. purchased a new position in Marvell Technology during the first quarter valued at $33,000. Finally, CoreCap Advisors LLC bought a new stake in Marvell Technology during the 4th quarter worth approximately $36,000. 83.32% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 0.9 %

Shares of NASDAQ MRVL opened at $52.30 on Friday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.65 and a current ratio of 1.03. The firm has a market capitalization of $45.12 billion, a price-to-earnings ratio of -118.86, a PEG ratio of 6.55 and a beta of 1.43. The stock has a 50 day moving average price of $59.17 and a 200 day moving average price of $52.26. Marvell Technology, Inc. has a 52-week low of $33.75 and a 52-week high of $67.99.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last issued its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.33 billion. Marvell Technology had a negative net margin of 6.74% and a positive return on equity of 6.13%. Marvell Technology’s revenue was down 11.6% compared to the same quarter last year. During the same period last year, the company posted $0.41 earnings per share. Sell-side analysts expect that Marvell Technology, Inc. will post 0.88 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 25th. Investors of record on Friday, October 6th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date of this dividend is Thursday, October 5th. Marvell Technology’s dividend payout ratio (DPR) is currently -54.55%.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 2,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $63.56, for a total transaction of $127,120.00. Following the completion of the sale, the executive vice president now owns 138,737 shares of the company’s stock, valued at $8,818,123.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Saturday, July 15th. The shares were sold at an average price of $64.13, for a total transaction of $1,923,900.00. Following the sale, the chief executive officer now owns 945,245 shares of the company’s stock, valued at approximately $60,618,561.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 2,000 shares of the company’s stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $63.56, for a total transaction of $127,120.00. Following the transaction, the executive vice president now owns 138,737 shares in the company, valued at approximately $8,818,123.72. The disclosure for this sale can be found here. Insiders sold 114,434 shares of company stock worth $6,901,231 in the last three months. 0.45% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MRVL shares. Oppenheimer reissued an “outperform” rating and issued a $70.00 price objective on shares of Marvell Technology in a research note on Friday, August 25th. Deutsche Bank Aktiengesellschaft boosted their price target on Marvell Technology from $50.00 to $65.00 in a report on Friday, May 26th. Wolfe Research initiated coverage on Marvell Technology in a research note on Wednesday, July 19th. They issued an “outperform” rating and a $80.00 price target for the company. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research note on Tuesday. Finally, B. Riley upped their price target on Marvell Technology from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a 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 $66.73.

Read Our Latest Analysis on MRVL

Marvell Technology Profile

(Free Report)

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.