TimesSquare Capital Management LLC Sells 800,200 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

TimesSquare Capital Management LLC trimmed its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 66.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 402,700 shares of the semiconductor company’s stock after selling 800,200 shares during the quarter. TimesSquare Capital Management LLC owned 0.06% of Marvell Technology worth $19,724,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC raised its stake in shares of Marvell Technology by 83.4% during the 1st quarter. International Assets Investment Management LLC now owns 23,192 shares of the semiconductor company’s stock valued at $1,118,000 after purchasing an additional 10,546 shares during the period. Oppenheimer & Co. Inc. increased its stake in Marvell Technology by 11.1% in the 4th quarter. Oppenheimer & Co. Inc. now owns 259,416 shares of the semiconductor company’s stock worth $12,333,000 after acquiring an additional 25,848 shares during the last quarter. Jag Capital Management LLC increased its stake in Marvell Technology by 5.7% in the 1st quarter. Jag Capital Management LLC now owns 141,722 shares of the semiconductor company’s stock worth $6,942,000 after acquiring an additional 7,691 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Marvell Technology by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,196,336 shares of the semiconductor company’s stock worth $199,494,000 after acquiring an additional 21,679 shares during the last quarter. Finally, Tsfg LLC bought a new position in Marvell Technology in the 1st quarter worth about $60,000. Institutional investors own 89.31% of the company’s stock.

Several equities analysts have recently commented on the company. Susquehanna Bancshares reiterated a “buy” rating on shares of Marvell Technology in a research report on Thursday, June 3rd. BMO Capital Markets upgraded Marvell Technology from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $45.00 to $50.00 in a research report on Monday, March 8th. Morgan Stanley increased their price objective on Marvell Technology from $44.00 to $49.00 and gave the company an “equal weight” rating in a research report on Monday, March 1st. KeyCorp increased their price objective on Marvell Technology from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, TheStreet lowered Marvell Technology from a “b-” rating to a “c” rating in a research report on Wednesday, March 3rd. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Marvell Technology presently has an average rating of “Buy” and an average target price of $54.70.

In other Marvell Technology news, CEO Matthew J. Murphy sold 20,000 shares of Marvell Technology stock in a transaction on Monday, May 17th. The stock was sold at an average price of $42.66, for a total value of $853,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Jean X. Hu sold 16,071 shares of Marvell Technology stock in a transaction on Thursday, April 15th. The stock was sold at an average price of $48.54, for a total value of $780,086.34. Following the completion of the sale, the chief financial officer now directly owns 73,182 shares of the company’s stock, valued at approximately $3,552,254.28. The disclosure for this sale can be found here. In the last three months, insiders sold 51,071 shares of company stock valued at $2,357,411. Corporate insiders own 0.33% of the company’s stock.

MRVL stock opened at $51.80 on Friday. Marvell Technology, Inc. has a twelve month low of $32.53 and a twelve month high of $55.70. The company has a current ratio of 1.50, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The company has a market cap of $35.00 billion, a price-to-earnings ratio of -123.33, a PEG ratio of 2.32 and a beta of 1.10. The company’s 50 day moving average is $47.06.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.27 by $0.02. Marvell Technology had a positive return on equity of 5.25% and a negative net margin of 8.13%. During the same quarter last year, the firm posted $0.18 earnings per share. On average, equities research analysts predict that Marvell Technology, Inc. will post 1.02 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 28th. Investors of record on Friday, July 9th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date is Thursday, July 8th. Marvell Technology’s dividend payout ratio (DPR) is presently 41.38%.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.

Further Reading: What is a Buy-Side Analyst?

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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