Waycross Partners LLC Sells 33,580 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Waycross Partners LLC reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 17.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 154,650 shares of the semiconductor company’s stock after selling 33,580 shares during the quarter. Marvell Technology makes up 1.7% of Waycross Partners LLC’s portfolio, making the stock its 27th largest holding. Waycross Partners LLC’s holdings in Marvell Technology were worth $9,327,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. FMR LLC lifted its holdings in shares of Marvell Technology by 0.3% during the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after acquiring an additional 421,622 shares during the period. Vanguard Group Inc. lifted its holdings in shares of 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 period. Matrix Capital Management Company LP lifted its holdings in shares of Marvell Technology by 54.3% during 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 during the period. Invesco Ltd. lifted its holdings in shares of Marvell Technology by 9.2% during the third quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock valued at $447,080,000 after acquiring an additional 698,359 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its holdings in shares of Marvell Technology by 43.7% during 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 during the period. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MRVL has been the subject of a number of analyst reports. Barclays lifted their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price objective for the company. Morgan Stanley lifted their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a report on Thursday, March 7th. KeyCorp cut their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Finally, Raymond James lifted their price target on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Trading Down 4.1 %

Shares of Marvell Technology stock traded down $2.84 during trading on Tuesday, hitting $65.91. 12,777,081 shares of the company were exchanged, compared to its average volume of 13,910,771. The firm has a market capitalization of $57.08 billion, a P/E ratio of -63.66, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 1-year low of $38.63 and a 1-year high of $85.76. The firm’s fifty day moving average price is $69.92 and its 200 day moving average price is $62.83. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 positive return on equity of 4.96% and a negative net margin of 16.95%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 EPS. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders 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 0.36%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology announced that its board has approved a stock buyback plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,477,515 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Marvell Technology 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.