Paradiem LLC Reduces Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Paradiem LLC reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 58.0% in the 4th quarter, HoldingsChannel.com reports. The fund owned 11,376 shares of the semiconductor company’s stock after selling 15,692 shares during the period. Paradiem LLC’s holdings in Marvell Technology were worth $686,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in shares of Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares in the last quarter. Kingswood Wealth Advisors LLC grew its holdings in Marvell Technology by 328.3% in the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC grew its holdings in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC grew its holdings in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. grew its holdings in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred 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 in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the transaction, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,477,515 in the last 90 days. Company insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MRVL shares. Roth Mkm restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. TD Cowen lifted their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Finally, KeyCorp reduced their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Price Performance

NASDAQ MRVL traded up $2.14 on Friday, reaching $69.62. The company’s stock had a trading volume of 11,543,835 shares, compared to its average volume of 11,314,156. 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 twelve month low of $37.71 and a twelve month high of $85.76. The stock has a market cap of $60.29 billion, a PE ratio of -64.46, a PEG ratio of 5.09 and a beta of 1.50. The firm’s 50 day moving average is $69.87 and its two-hundred day moving average is $62.67.

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

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio is -22.22%.

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.