Raymond James Financial Services Advisors Inc. Sells 899 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James Financial Services Advisors Inc. reduced its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.5% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 170,508 shares of the semiconductor company’s stock after selling 899 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Marvell Technology were worth $12,086,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of MRVL. Kessler Investment Group LLC acquired a new position in Marvell Technology in the first quarter valued at approximately $6,183,000. Nilsine Partners LLC bought a new position in Marvell Technology during the first quarter worth $225,000. PFG Investments LLC acquired a new stake in Marvell Technology in the first quarter worth $376,000. Raymond James & Associates increased its stake in Marvell Technology by 3.3% in the first quarter. Raymond James & Associates now owns 951,090 shares of the semiconductor company’s stock valued at $67,413,000 after purchasing an additional 30,458 shares in the last quarter. Finally, Arthur M. Cohen & Associates LLC raised its holdings in shares of Marvell Technology by 5.7% during the first quarter. Arthur M. Cohen & Associates LLC now owns 31,675 shares of the semiconductor company’s stock valued at $2,245,000 after purchasing an additional 1,710 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now directly 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 can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the sale, 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 110,500 shares of company stock worth $7,473,805 over the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research reports. Evercore ISI started coverage on Marvell Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target on the stock. Morgan Stanley lifted their price target on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Wednesday, March 27th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Finally, TD Cowen upped their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. 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 company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Performance

NASDAQ MRVL traded up $1.84 on Friday, hitting $68.51. 9,011,548 shares of the stock traded hands, compared to its average volume of 11,829,374. The firm has a market capitalization of $59.33 billion, a price-to-earnings ratio of -63.43, a PEG ratio of 4.88 and a beta of 1.48. The business’s fifty day moving average is $69.85 and its two-hundred day moving average is $63.12. 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 12 month low of $38.63 and a 12 month 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 (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 EPS. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its Board of Directors has authorized a share repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

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

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.