Harvest Fund Management Co. Ltd Decreases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Harvest Fund Management Co. Ltd reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 35.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 17,542 shares of the semiconductor company’s stock after selling 9,841 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in Marvell Technology were worth $1,057,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Matrix Capital Management Company LP raised its holdings in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after acquiring an additional 4,634,127 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after acquiring an additional 2,142,391 shares in the last quarter. Wellington Management Group LLP raised its holdings in Marvell Technology by 87.0% in the third quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after acquiring an additional 2,115,366 shares in the last quarter. Alkeon Capital Management LLC acquired a new stake in Marvell Technology in the third quarter valued at $102,847,000. Finally, Rokos Capital Management LLP raised its holdings in Marvell Technology by 176.5% in the third quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after acquiring an additional 930,158 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 1st. The shares were 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 in the company, valued at $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred 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 transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on MRVL. Raymond James upped their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. TD Cowen upped their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Morgan Stanley upped their price target on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Finally, Stifel Nicolaus restated a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Trading Up 1.6 %

MRVL stock traded up $0.98 during mid-day trading on Tuesday, reaching $63.86. 9,147,175 shares of the stock traded hands, compared to its average volume of 14,085,014. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76. The company has a market cap of $55.30 billion, a P/E ratio of -59.13, a P/E/G ratio of 4.54 and a beta of 1.50. The stock’s fifty day moving average is $69.97 and its 200-day moving average is $62.40.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 earnings per share. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology declared that its Board of Directors has initiated a share buyback 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 buy up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

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.