994,856 Shares in Marvell Technology, Inc. $MRVL Bought by Trexquant Investment LP

Key Points

• Trexquant Investment LP acquired 994,856 shares of Marvell Technology, Inc. for approximately $61.25 million, making it the fund's 4th largest holding.
• Nuveen Asset Management LLC significantly increased its stake in Marvell Technology by 232.2%, while several other institutional investors also raised their positions in the company during the first quarter.
• Marvell Technology reported earnings of $0.62 per share, exceeding expectations, with a revenue of $1.90 billion for the quarter, reflecting a 63.3% year-over-year increase.

Trexquant Investment LP purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 994,856 shares of the semiconductor company's stock, valued at approximately $61,253,000. Marvell Technology makes up about 0.7% of Trexquant Investment LP's portfolio, making the stock its 4th biggest holding. Trexquant Investment LP owned approximately 0.12% of Marvell Technology at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. Nuveen Asset Management LLC increased its holdings in 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 worth $1,033,859,000 after acquiring an additional 6,543,132 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Marvell Technology during the first quarter worth $399,587,000. Goldman Sachs Group Inc. raised its position in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after buying an additional 5,050,159 shares during the last quarter. Impax Asset Management Group plc raised its position in shares of Marvell Technology by 748.3% in the first quarter. Impax Asset Management Group plc now owns 3,700,841 shares of the semiconductor company's stock valued at $227,033,000 after buying an additional 3,264,557 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its position in shares of Marvell Technology by 8,128.6% in the first quarter. Assenagon Asset Management S.A. now owns 2,460,851 shares of the semiconductor company's stock valued at $151,515,000 after buying an additional 2,430,945 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

Marvell Technology stock opened at $74.79 on Thursday. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48. The stock has a market cap of $64.61 billion, a P/E ratio of -131.21, a PEG ratio of 0.81 and a beta of 1.83. The company has a 50-day moving average price of $74.86 and a 200 day moving average price of $71.32. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the business earned $0.24 earnings per share. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have recently commented on MRVL. Susquehanna reduced their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research report on Tuesday, May 27th. The Goldman Sachs Group began coverage on shares of Marvell Technology in a research report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 target price for the company. TD Cowen increased their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Loop Capital reduced their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Finally, B. Riley reiterated a "buy" rating and issued a $115.00 target price (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and an average price target of $94.70.

Insider Buying and Selling

In related news, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were 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 in the company, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $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 ninety days, insiders sold 5,783 shares of company stock worth $407,716. Insiders own 0.19% of the company's stock.

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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