LaFleur & Godfrey LLC Has $7.13 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

LaFleur & Godfrey LLC lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 8.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 118,174 shares of the semiconductor company’s stock after selling 10,467 shares during the period. LaFleur & Godfrey LLC’s holdings in Marvell Technology were worth $7,127,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. SJS Investment Consulting Inc. boosted its stake in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Versant Capital Management Inc lifted its position in Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after buying an additional 161 shares in the last quarter. Bouvel Investment Partners LLC lifted its position in Marvell Technology by 0.3% during the 4th quarter. Bouvel Investment Partners LLC now owns 57,394 shares of the semiconductor company’s stock worth $3,461,000 after buying an additional 183 shares in the last quarter. Synovus Financial Corp lifted its position in Marvell Technology by 4.6% during the 3rd quarter. Synovus Financial Corp now owns 4,237 shares of the semiconductor company’s stock worth $229,000 after buying an additional 185 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Marvell Technology by 10.4% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 2,104 shares of the semiconductor company’s stock worth $114,000 after purchasing an additional 198 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity

In other news, Director Ford Tamer sold 30,000 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $60.20, for a total value of $1,806,000.00. Following the completion of the sale, the director now owns 40,403 shares of the company’s stock, valued at approximately $2,432,260.60. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now owns 99,730 shares of the company’s stock, valued at approximately $5,983,800. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ford Tamer sold 30,000 shares of the firm’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $60.20, for a total value of $1,806,000.00. Following the sale, the director now directly owns 40,403 shares of the company’s stock, valued at approximately $2,432,260.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 138,000 shares of company stock valued at $8,983,290. 0.45% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. KeyCorp dropped their price objective on Marvell Technology from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Friday, December 1st. TD Cowen boosted their price objective on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Piper Sandler lowered their price target on Marvell Technology from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, December 1st. Finally, Morgan Stanley upped their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $75.75.

Marvell Technology Stock Down 1.8 %

NASDAQ:MRVL traded down $1.29 during trading hours on Thursday, reaching $71.02. 6,797,940 shares of the stock were exchanged, compared to its average volume of 14,572,049. Marvell Technology, Inc. has a twelve month low of $36.90 and a twelve month high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm has a 50 day moving average of $69.74 and a 200 day moving average of $60.32. The stock has a market cap of $61.50 billion, a PE ratio of -66.13, a PEG ratio of 5.01 and a beta of 1.51.

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

Marvell Technology announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is presently -22.22%.

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.