Entropy Technologies LP Purchases Shares of 24,190 Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Entropy Technologies LP acquired 24,190 shares of Marvell Technology, valued at approximately $1,489,000, highlighting increased institutional interest in the company.
• In Q1, various hedge funds boosted their holdings in Marvell Technology significantly; Assenagon Asset Management S.A. raised its stake by 8,128.6%.
• Marvell Technology reported a 63.3% year-over-year revenue growth in its latest earnings, with EPS surpassing estimates and a market capitalization of $66.81 billion.

Entropy Technologies LP bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 24,190 shares of the semiconductor company's stock, valued at approximately $1,489,000.

Other hedge funds also recently modified their holdings of the company. Capital Analysts LLC increased its position in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after buying an additional 241 shares during the last quarter. Chelsea Counsel Co. acquired a new stake in Marvell Technology during the fourth quarter worth about $44,000. Bernard Wealth Management Corp. acquired a new stake in Marvell Technology during the fourth quarter worth about $45,000. Hughes Financial Services LLC acquired a new stake in Marvell Technology during the first quarter worth about $26,000. Finally, Johnson Financial Group Inc. grew its position in Marvell Technology by 125.0% during the fourth quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock worth $48,000 after buying an additional 235 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the transaction, the executive vice president owned 17,163 shares in the company, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the transaction, the chief financial officer owned 122,848 shares in the company, valued at approximately $7,954,408. This trade represents a 1.21% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 15,148 shares of company stock worth $1,014,236 in the last three months. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Needham & Company LLC cut shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. Wall Street Zen upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating in a research note on Saturday. China Renaissance assumed coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a "buy" rating and a $110.00 target price for the company. Bank of America raised their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Finally, Piper Sandler reissued an "overweight" rating and issued a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. One research 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 company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $0.53 on Tuesday, reaching $77.81. The stock had a trading volume of 15,546,568 shares, compared to its average volume of 16,857,110. The firm's 50-day moving average is $73.61 and its two-hundred day moving average is $73.78. Marvell Technology, Inc. has a 12 month low of $47.08 and a 12 month high of $127.48. The firm has a market capitalization of $67.21 billion, a price-to-earnings ratio of -136.51, a P/E/G ratio of 0.84 and a beta of 1.83. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

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

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

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.