Daiwa Securities Group Inc. Sells 14,620 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Daiwa Securities Group Inc. cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 104,639 shares of the semiconductor company’s stock after selling 14,620 shares during the period. Daiwa Securities Group Inc.’s holdings in Marvell Technology were worth $6,311,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Quilter Plc purchased a new stake in Marvell Technology during the first quarter worth about $248,250,000. SRS Capital Advisors Inc. grew its position in shares of Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 281 shares during the period. SJS Investment Consulting Inc. increased its stake in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. Buck Wealth Strategies LLC raised its holdings in shares of Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the period. Finally, BluePath Capital Management LLC purchased a new position in Marvell Technology in the third quarter valued at approximately $31,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Marvell Technology stock opened at $62.13 on Friday. The stock has a market cap of $53.80 billion, a price-to-earnings ratio of -57.53, a PEG ratio of 4.77 and a beta of 1.50. 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 business has a 50-day simple moving average of $70.12 and a 200 day simple moving average of $62.20. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results 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 during the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the company posted $0.34 EPS. 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 business also recently declared 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. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

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

Analysts Set New Price Targets

A number of analysts have issued reports on the company. KeyCorp decreased their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Morgan Stanley upped their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. TD Cowen lifted their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $81.13.

Insider Activity

In related news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was 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 directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,000 shares of company stock worth $7,315,640. 0.45% of the stock is currently owned by corporate insiders.

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.