TimesSquare Capital Management LLC Sells 24,010 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

TimesSquare Capital Management LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 627,973 shares of the semiconductor company’s stock after selling 24,010 shares during the period. TimesSquare Capital Management LLC’s holdings in Marvell Technology were worth $37,873,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in MRVL. Massachusetts Financial Services Co. MA grew its position in Marvell Technology by 43.7% in 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 purchasing an additional 2,142,391 shares during the period. Fred Alger Management LLC lifted its holdings in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after acquiring an additional 95,003 shares during the period. NewEdge Wealth LLC boosted its position in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares during the last quarter. Montag A & Associates Inc. grew its stake in shares of Marvell Technology by 15.8% during the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. Finally, Scotia Capital Inc. increased its position in shares of Marvell Technology by 8.0% during the 3rd quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company’s stock valued at $264,000 after purchasing an additional 361 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Marvell Technology stock traded down $0.43 during mid-day trading on Thursday, reaching $67.68. 13,646,566 shares of the company’s stock traded hands, compared to its average volume of 13,571,967. Marvell Technology, Inc. has a 12-month low of $39.23 and a 12-month high of $85.76. The company has a market cap of $58.61 billion, a price-to-earnings ratio of -63.53, a PEG ratio of 5.01 and a beta of 1.48. The stock has a 50 day moving average of $69.88 and a two-hundred day moving average of $63.51. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued 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 the consensus estimate 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 quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 earnings per share. Equities analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its Board of Directors has approved a stock repurchase plan on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of research reports. Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Wednesday, March 27th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Tuesday. Stifel Nicolaus reaffirmed a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Two research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were 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 owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The stock was 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 owns 21,266 shares in the company, valued at $1,376,973.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,473,805 over the last quarter. Insiders own 0.45% of the company’s stock.

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.