Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 98.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,985 shares of the semiconductor company’s stock after selling 190,064 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Marvell Technology were worth $212,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. lifted its holdings in Marvell Technology by 14.7% in the fourth quarter. Pacer Advisors Inc. now owns 40,398 shares of the semiconductor company’s stock worth $2,436,000 after purchasing an additional 5,179 shares during the period. WASHINGTON TRUST Co increased its holdings in shares of Marvell Technology by 104.7% in the 4th quarter. WASHINGTON TRUST Co now owns 2,600 shares of the semiconductor company’s stock valued at $157,000 after purchasing an additional 1,330 shares during the period. Blue Trust Inc. increased its holdings in shares of Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 155 shares during the period. L. Roy Papp & Associates LLP increased its holdings in shares of Marvell Technology by 1.3% in the 4th quarter. L. Roy Papp & Associates LLP now owns 107,242 shares of the semiconductor company’s stock valued at $6,468,000 after purchasing an additional 1,341 shares during the period. Finally, Synergy Asset Management LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at about $12,001,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Up 2.7 %

Shares of NASDAQ:MRVL opened at $65.72 on Friday. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The business has a fifty day moving average of $71.47 and a 200-day moving average of $69.85.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period last year, the company posted $0.17 earnings per share. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio is -21.24%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold a total of 100,000 shares of company stock worth $7,255,235 over the last 90 days. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on MRVL shares. Jefferies Financial Group began coverage on Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 target price on the stock. Evercore ISI boosted their price target on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. B. Riley boosted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Barclays boosted their price target on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. Finally, Morgan Stanley boosted their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $85.50.

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.