Adell Harriman & Carpenter Inc. Raises Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Adell Harriman & Carpenter Inc. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 117,563 shares of the semiconductor company's stock after buying an additional 4,452 shares during the period. Adell Harriman & Carpenter Inc.'s holdings in Marvell Technology were worth $7,238,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in MRVL. Invesco Ltd. grew its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC grew its stake in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Wellington Management Group LLP grew its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC grew its stake in Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after purchasing an additional 80,005 shares during the period. Finally, Norges Bank acquired a new stake in Marvell Technology during the fourth quarter worth approximately $1,138,354,000. Institutional investors and hedge funds own 83.51% of the company's stock.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business'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 completion of the transaction, the chief financial officer directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 in the last ninety days. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Stock Performance

MRVL traded up $0.90 during trading hours on Friday, hitting $75.15. The stock had a trading volume of 10,217,992 shares, compared to its average volume of 15,688,984. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company's fifty day simple moving average is $66.54 and its 200 day simple moving average is $81.88. The stock has a market cap of $64.92 billion, a PE ratio of 57.39, a price-to-earnings-growth ratio of 0.81 and a beta of 1.81. 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 quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the business posted $0.24 EPS. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research reports. Wells Fargo & Company reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Benchmark reissued a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Raymond James Financial reissued an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Bank of America raised their price objective on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Finally, Barclays reduced their price objective on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

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.