Geneos Wealth Management Inc. Lowers Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Geneos Wealth Management Inc. decreased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 23.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,517 shares of the semiconductor company’s stock after selling 1,064 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Marvell Technology were worth $249,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC boosted its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the period. SJS Investment Consulting Inc. lifted its stake in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in Marvell Technology in the first quarter worth approximately $31,000. Optimum Investment Advisors purchased a new position in Marvell Technology in the first quarter worth approximately $35,000. Finally, Oliver Lagore Vanvalin Investment Group lifted its stake in Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the sale, the chief executive officer now directly owns 716,545 shares in the company, valued at approximately $49,312,626.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 131,000 shares of company stock valued at $9,357,740 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $71.73 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a market cap of $62.09 billion, a PE ratio of -63.88, a price-to-earnings-growth ratio of 3.55 and a beta of 1.47. The firm’s fifty day simple moving average is $71.48 and its 200-day simple moving average is $69.20.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the prior year, the company posted $0.17 EPS. The business’s revenue for the quarter was down 12.2% on a year-over-year basis. Analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MRVL. Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Jefferies Financial Group started coverage on shares of Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, May 31st. B. Riley lifted their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Evercore ISI lifted their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $85.24.

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.