Fernwood Investment Management LLC Sells 1,675 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Fernwood Investment Management LLC trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,820 shares of the semiconductor company’s stock after selling 1,675 shares during the period. Marvell Technology accounts for 0.8% of Fernwood Investment Management LLC’s portfolio, making the stock its 23rd largest position. Fernwood Investment Management LLC’s holdings in Marvell Technology were worth $3,186,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently made changes to their positions in the stock. Adell Harriman & Carpenter Inc. grew its stake in Marvell Technology by 25.5% during the 4th quarter. Adell Harriman & Carpenter Inc. now owns 32,593 shares of the semiconductor company’s stock worth $1,966,000 after buying an additional 6,625 shares during the last quarter. Capital Investment Counsel Inc grew its stake in Marvell Technology by 7.5% during the 4th quarter. Capital Investment Counsel Inc now owns 11,101 shares of the semiconductor company’s stock worth $670,000 after buying an additional 775 shares during the last quarter. Retirement Systems of Alabama purchased a new position in Marvell Technology during the 4th quarter worth $4,885,000. Private Wealth Partners LLC purchased a new position in Marvell Technology during the 4th quarter worth $598,000. Finally, Truist Financial Corp grew its stake in Marvell Technology by 28.7% during the 4th quarter. Truist Financial Corp now owns 938,605 shares of the semiconductor company’s stock worth $56,607,000 after buying an additional 209,559 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research note on Sunday. Barclays boosted their price target on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. Finally, Stifel Nicolaus restated a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Thursday, February 1st. The stock was 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 of the company’s stock, valued at $7,091,845.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,477,515 over the last quarter. 0.45% of the stock is owned by insiders.

Marvell Technology Price Performance

Shares of MRVL stock traded down $0.87 during trading hours on Monday, reaching $68.75. The company had a trading volume of 9,050,871 shares, compared to its average volume of 13,924,681. 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 stock has a fifty day moving average of $69.87 and a 200-day moving average of $62.73. The company has a market capitalization of $59.54 billion, a price-to-earnings ratio of -64.46, a PEG ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 12-month low of $38.63 and a 12-month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results 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 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 business’s revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 earnings per share. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its board has initiated a share buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management 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.