Livforsakringsbolaget Skandia Omsesidigt decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 9.0% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 40,396 shares of the semiconductor company’s stock after selling 4,000 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Marvell Technology were worth $2,415,000 as of its most recent SEC filing.
A number of other hedge funds have also recently bought and sold shares of the company. Quilter Plc bought a new position in Marvell Technology in the first quarter valued at about $248,250,000. Barrett & Company Inc. acquired a new stake in shares of Marvell Technology during the 1st quarter worth approximately $26,000. KB Financial Partners LLC acquired a new stake in shares of Marvell Technology during the 1st quarter worth approximately $32,000. Resurgent Financial Advisors LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $28,000. Finally, Worth Asset Management LLC bought a new position in shares of Marvell Technology in the 1st quarter worth $40,000. 83.32% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently weighed in on the stock. Barclays lifted their price target on shares of Marvell Technology from $55.00 to $75.00 in a research report on Thursday, July 20th. Susquehanna boosted their target price on Marvell Technology from $60.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, August 23rd. KeyCorp increased their target price on Marvell Technology from $70.00 to $80.00 in a research note on Tuesday, July 11th. Morgan Stanley cut their price target on Marvell Technology from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Friday, August 25th. Finally, Wells Fargo & Company increased their price objective on shares of Marvell Technology from $54.00 to $65.00 in a research note on Friday, May 26th. Two analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $66.73.
Marvell Technology Stock Up 0.9 %
Marvell Technology stock traded up $0.51 during midday trading on Thursday, reaching $56.11. The stock had a trading volume of 1,744,335 shares, compared to its average volume of 12,678,844. The company has a current ratio of 1.03, a quick ratio of 0.71 and a debt-to-equity ratio of 0.20. Marvell Technology, Inc. has a 12 month low of $33.75 and a 12 month high of $67.99. The company has a fifty day moving average price of $60.29 and a two-hundred day moving average price of $51.87. The company has a market capitalization of $48.41 billion, a P/E ratio of -126.36, a PEG ratio of 7.02 and a beta of 1.43.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $1.34 billion during 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%. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.88 EPS for the current fiscal year.
Insiders Place Their Bets
In related news, EVP Dan Christman sold 13,434 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $63.25, for a total transaction of $849,700.50. Following the completion of the sale, the executive vice president now owns 18,859 shares in the company, valued at $1,192,831.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, EVP Dan Christman sold 13,434 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $63.25, for a total value of $849,700.50. Following the sale, the executive vice president now owns 18,859 shares of the company’s stock, valued at approximately $1,192,831.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $60.88, for a total transaction of $1,826,400.00. Following the completion of the transaction, the chief executive officer now owns 961,125 shares in the company, valued at $58,513,290. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 112,434 shares of company stock valued at $6,937,691. Insiders own 0.45% of the company’s stock.
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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.
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