E Fund Management Co. Ltd. Sells 11,872 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

E Fund Management Co. Ltd. cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 61.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 7,426 shares of the semiconductor company’s stock after selling 11,872 shares during the period. E Fund Management Co. Ltd.’s holdings in Marvell Technology were worth $448,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MRVL. FMR LLC boosted its stake in shares of Marvell Technology by 0.3% in the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. boosted its position in Marvell Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after acquiring an additional 477,731 shares during the last quarter. Matrix Capital Management Company LP grew its holdings in Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after acquiring an additional 4,634,127 shares during the period. Invesco Ltd. raised its position in shares of Marvell Technology by 9.2% in the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after acquiring an additional 698,359 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

MRVL traded down $0.43 during trading on Thursday, reaching $67.68. The stock had a trading volume of 10,102,118 shares, compared to its average volume of 13,532,603. The stock has a market cap of $58.61 billion, a PE ratio of -63.53, a PEG ratio of 5.01 and a beta of 1.48. The business has a 50-day moving average of $69.88 and a 200-day moving average of $63.51. 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 one year low of $39.23 and a one year 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 for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $0.34 earnings per share. The business’s revenue was up .6% on a year-over-year basis. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology declared that its board has initiated a share buyback plan on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. B. Riley reaffirmed a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Morgan Stanley boosted their target price 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. Finally, TD Cowen increased their price target on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Two research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the sale, the chief financial officer now owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the sale, the chief financial officer now directly owns 102,986 shares in the company, valued at $6,981,420.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,500 shares of company stock worth $7,473,805. 0.45% of the stock is currently owned by company 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.