Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 367,566 shares of the semiconductor company’s stock after selling 20,925 shares during the period. Cullen Frost Bankers Inc.’s holdings in Marvell Technology were worth $22,168,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC raised its position in shares of Marvell Technology by 0.3% during the 3rd 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 in the last quarter. Vanguard Group Inc. grew its stake in Marvell Technology by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock worth $3,813,546,000 after buying an additional 477,731 shares during the last quarter. Matrix Capital Management Company LP grew its stake in Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after buying an additional 4,634,127 shares during the last quarter. Invesco Ltd. grew its stake in Marvell Technology by 9.2% during the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after buying an additional 698,359 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Trading Down 1.6 %

Shares of NASDAQ MRVL traded down $1.14 during mid-day trading on Tuesday, hitting $68.68. 6,449,670 shares of the company traded hands, compared to its average volume of 13,650,176. Marvell Technology, Inc. has a 1 year low of $39.23 and a 1 year high of $85.76. The stock has a market capitalization of $59.48 billion, a price-to-earnings ratio of -63.59, a PEG ratio of 5.01 and a beta of 1.48. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The business has a 50 day moving average of $69.87 and a two-hundred day moving average of $63.48.

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

Marvell Technology declared that its Board of Directors has authorized a stock repurchase program on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Marvell Technology Announces Dividend

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

Insider Activity

In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the sale, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the sale, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,473,805 over the last three months. Insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Barclays upped their price objective on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Evercore ISI initiated coverage on Marvell Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price target for the company. Finally, UBS Group increased their price target on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Two research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.