Sandy Spring Bank Reduces Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Sandy Spring Bank reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 16.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,134 shares of the semiconductor company’s stock after selling 231 shares during the quarter. Sandy Spring Bank’s holdings in Marvell Technology were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. MetLife Investment Management LLC purchased a new stake in Marvell Technology during the first quarter valued at about $1,210,000. Yousif Capital Management LLC lifted its stake in shares of Marvell Technology by 6.6% during the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after buying an additional 925 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in Marvell Technology by 2.8% in the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after buying an additional 344 shares during the period. Cetera Investment Advisers grew its stake in Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock valued at $2,056,000 after buying an additional 4,888 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in Marvell Technology by 35.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after acquiring an additional 1,337 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MRVL. Morgan Stanley lifted their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a research report on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. TD Cowen boosted their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. Finally, StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.96.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $70.16 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The stock has a market cap of $60.76 billion, a PE ratio of -64.96, a PEG ratio of 5.23 and a beta of 1.50. The company’s fifty day moving average is $70.38 and its 200 day moving average is $61.76. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76.

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

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th 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 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology announced that its Board of Directors has approved a share repurchase program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the sale, the executive vice president now owns 124,117 shares of the company’s stock, valued at approximately $8,099,875.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $65.59, for a total transaction of $1,967,700.00. Following the transaction, the chief executive officer now directly owns 792,929 shares of the company’s stock, valued at $52,008,213.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the transaction, the executive vice president now owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 108,000 shares of company stock worth $7,188,790. Insiders own 0.45% of the company’s stock.

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.