Burney Co. Buys Shares of 11,762 Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Burney Co. acquired 11,762 shares of Marvell Technology, valued at approximately $724,000, as part of its first-quarter investments.
• Several institutional investors increased their holdings in Marvell Technology, with a collective ownership now at 83.51% of the company's stock.
• An insider, COO Chris Koopmans, sold 6,000 shares for $390,600, marking a 6.12% decrease in their ownership position.

Burney Co. bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 11,762 shares of the semiconductor company's stock, valued at approximately $724,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Marvell Technology in the fourth quarter worth $234,000. Dynamic Advisor Solutions LLC grew its holdings in shares of Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after acquiring an additional 206 shares during the period. Yousif Capital Management LLC grew its holdings in shares of Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after acquiring an additional 1,164 shares during the period. Sargent Investment Group LLC grew its holdings in shares of Marvell Technology by 55.7% in the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after acquiring an additional 4,792 shares during the period. Finally, Edgestream Partners L.P. grew its holdings in shares of Marvell Technology by 1,480.2% in the first quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock worth $3,747,000 after acquiring an additional 57,002 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Up 0.2%

Shares of NASDAQ MRVL traded up $0.17 during midday trading on Friday, hitting $74.21. The company's stock had a trading volume of 9,813,678 shares, compared to its average volume of 16,248,888. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business's 50 day moving average is $69.95 and its two-hundred day moving average is $77.67. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48. The firm has a market cap of $64.10 billion, a P/E ratio of -130.19, a price-to-earnings-growth ratio of 0.80 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The company's revenue for the quarter was up 63.3% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology's payout ratio is currently -42.11%.

Analyst Ratings Changes

MRVL has been the subject of several recent research reports. Piper Sandler reissued an "overweight" rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Barclays cut their price target on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Wells Fargo & Company cut their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Friday, May 30th. The Goldman Sachs Group initiated coverage on Marvell Technology in a report on Thursday, July 10th. They set a "neutral" rating and a $75.00 price target for the company. Finally, Raymond James Financial reissued an "outperform" rating and set a $90.00 price target (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $94.47.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the transaction, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. This trade represents a 3.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer owned 121,348 shares in the company, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,934 shares of company stock valued at $1,187,826. Company insiders own 0.19% of the company's stock.

Marvell Technology 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.