Balboa Wealth Partners Sells 11,108 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Balboa Wealth Partners cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 74.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 3,803 shares of the semiconductor company’s stock after selling 11,108 shares during the quarter. Balboa Wealth Partners’ holdings in Marvell Technology were worth $229,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MRVL. Yousif Capital Management LLC grew its position in shares of Marvell Technology by 3.2% in the 3rd quarter. Yousif Capital Management LLC now owns 12,995 shares of the semiconductor company’s stock valued at $703,000 after purchasing an additional 405 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $434,000. Private Advisor Group LLC grew its position in shares of Marvell Technology by 0.7% in the 3rd quarter. Private Advisor Group LLC now owns 47,443 shares of the semiconductor company’s stock valued at $2,568,000 after purchasing an additional 325 shares during the period. Signaturefd LLC grew its position in shares of Marvell Technology by 13.9% in the 3rd quarter. Signaturefd LLC now owns 9,769 shares of the semiconductor company’s stock valued at $529,000 after purchasing an additional 1,193 shares during the period. Finally, NBC Securities Inc. acquired a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $44,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MRVL shares. Oppenheimer reiterated an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Stifel Nicolaus reaffirmed a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. KeyCorp reduced their price target 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. Finally, Citigroup reaffirmed a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.28.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.44, for a total transaction of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares in the company, valued at approximately $7,581,933.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the sale, the chief executive officer now directly owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.44, for a total value of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares in the company, valued at $7,581,933.48. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,522,055 in the last 90 days. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

MRVL traded up $1.37 during trading hours on Thursday, reaching $75.05. The company’s stock had a trading volume of 6,488,771 shares, compared to its average volume of 13,125,546. Marvell Technology, Inc. has a 52 week low of $45.00 and a 52 week high of $85.76. The company’s 50-day moving average is $68.86 and its 200-day moving average is $65.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The firm has a market cap of $64.95 billion, a PE ratio of -69.66, a price-to-earnings-growth ratio of 3.68 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the business earned $0.34 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts forecast that Marvell Technology, Inc. will post 0.73 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its board has initiated a stock repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

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 and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.