Penserra Capital Management LLC Trims Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Penserra Capital Management LLC reduced its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 63.6% during the 3rd quarter, Holdings Channel.com reports. The firm owned 82,763 shares of the semiconductor company’s stock after selling 144,826 shares during the quarter. Penserra Capital Management LLC’s holdings in Marvell Technology were worth $5,967,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the second quarter valued at approximately $32,000. Quarry LP acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $32,000. Whittier Trust Co. grew its stake in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares during the period. Briaud Financial Planning Inc purchased a new position in shares of Marvell Technology in the 3rd quarter worth $43,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on MRVL shares. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Loop Capital began coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price target for the company. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Three analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Trading Down 0.5 %

Shares of Marvell Technology stock opened at $92.51 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm has a 50 day simple moving average of $80.67 and a 200 day simple moving average of $73.59. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm earned $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is -21.62%.

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.