23,551 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Acquired by S Bank Fund Management Ltd

Key Points

• S Bank Fund Management Ltd acquired 23,551 shares of Marvell Technology, Inc. for approximately $1.45 million during the 1st quarter, joining several other investors who have increased their positions in the company.
• Marvell's quarterly earnings report indicated EPS of $0.62 and revenues of $1.90 billion, surpassing analyst expectations and showing a 63.3% year-over-year revenue increase.
• Despite recent performance, some brokerages have reduced their target prices for Marvell stock, with average target price now at $94.70 and a consensus rating of "Moderate Buy."

S Bank Fund Management Ltd purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 23,551 shares of the semiconductor company's stock, valued at approximately $1,450,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MRVL. Vanguard Group Inc. raised its position in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after purchasing an additional 1,212,338 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after purchasing an additional 423,892 shares in the last quarter. Janus Henderson Group PLC raised its position in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

Shares of MRVL opened at $77.81 on Wednesday. The company has a market cap of $67.21 billion, a P/E ratio of -136.51, a PEG ratio of 0.84 and a beta of 1.83. The stock has a fifty day moving average price of $73.61 and a 200 day moving average price of $73.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period last year, the company earned $0.24 earnings per share. On average, research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's dividend payout ratio is presently -42.11%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MRVL. Wells Fargo & Company cut their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Susquehanna cut their target price on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research report on Tuesday, May 27th. Barclays cut their target price on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, TD Cowen boosted their price target on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the sale, the executive vice president directly owned 17,163 shares of the company's stock, valued at $1,241,743.05. The trade was a 14.88% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 15,148 shares of company stock worth $1,014,236. 0.33% of the stock is owned by company insiders.

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.

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