Skandinaviska Enskilda Banken AB publ Trims Position in Marvell Technology, Inc. $MRVL

Skandinaviska Enskilda Banken AB publ lowered its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 22.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 208,686 shares of the semiconductor company’s stock after selling 59,480 shares during the period. Skandinaviska Enskilda Banken AB publ’s holdings in Marvell Technology were worth $16,149,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. LPL Financial LLC grew its holdings in Marvell Technology by 18.4% in the 1st quarter. LPL Financial LLC now owns 799,775 shares of the semiconductor company’s stock valued at $49,242,000 after buying an additional 124,443 shares during the period. Mackenzie Financial Corp grew its holdings in Marvell Technology by 50.6% in the first quarter. Mackenzie Financial Corp now owns 95,436 shares of the semiconductor company’s stock valued at $5,876,000 after purchasing an additional 32,081 shares during the period. XTX Topco Ltd grew its holdings in Marvell Technology by 58.5% in the first quarter. XTX Topco Ltd now owns 17,513 shares of the semiconductor company’s stock valued at $1,078,000 after purchasing an additional 6,461 shares during the period. Arkadios Wealth Advisors raised its stake in Marvell Technology by 177.1% during the first quarter. Arkadios Wealth Advisors now owns 15,993 shares of the semiconductor company’s stock worth $985,000 after purchasing an additional 10,222 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its stake in Marvell Technology by 3.5% during the first quarter. Sound View Wealth Advisors Group LLC now owns 12,534 shares of the semiconductor company’s stock worth $772,000 after purchasing an additional 421 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, COO Chris Koopmans acquired 6,800 shares of Marvell Technology stock in a transaction on Thursday, September 25th. The shares were purchased at an average cost of $78.03 per share, for a total transaction of $530,604.00. Following the purchase, the chief operating officer directly owned 104,825 shares of the company’s stock, valued at $8,179,494.75. The trade was a 6.94% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes purchased 3,400 shares of Marvell Technology stock in a transaction dated Thursday, September 25th. The shares were bought at an average cost of $78.03 per share, for a total transaction of $265,302.00. Following the transaction, the chief financial officer directly owned 132,159 shares of the company’s stock, valued at approximately $10,312,366.77. The trade was a 2.64% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 27,200 shares of company stock valued at $2,109,632. Corporate insiders own 0.19% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Cowen lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, September 30th. Barclays reiterated an “equal weight” rating and set a $80.00 target price on shares of Marvell Technology in a report on Monday, October 20th. Benchmark reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 29th. TD Cowen reiterated a “hold” rating and set a $85.00 price objective (down from $90.00) on shares of Marvell Technology in a research note on Wednesday, October 1st. Finally, Wall Street Zen raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and fifteen have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $89.24 on Friday. The firm has a 50-day moving average of $86.07 and a two-hundred day moving average of $76.07. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The stock has a market cap of $76.93 billion, a P/E ratio of -686.44, a PEG ratio of 1.10 and a beta of 1.95. Marvell Technology, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Marvell Technology had a positive return on equity of 11.01% and a negative net margin of 1.43%.The business had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.01 billion. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The company’s revenue was up 57.6% compared to the same quarter last year. On average, research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has initiated a stock buyback plan on Wednesday, September 24th that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 7.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, October 10th. Marvell Technology’s dividend payout ratio is -184.62%.

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.