Assenagon Asset Management S.A. Purchases 2,430,945 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Assenagon Asset Management S.A. increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 8,128.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 2,460,851 shares of the semiconductor company's stock after purchasing an additional 2,430,945 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.28% of Marvell Technology worth $151,515,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Union Bancaire Privee UBP SA bought a new stake in shares of Marvell Technology during the 4th quarter worth $16,699,000. Yousif Capital Management LLC grew its position in shares of Marvell Technology by 1.1% in the fourth quarter. Yousif Capital Management LLC now owns 13,893 shares of the semiconductor company's stock valued at $1,534,000 after purchasing an additional 146 shares during the last quarter. Kingsview Wealth Management LLC grew its position in shares of Marvell Technology by 5.6% in the fourth quarter. Kingsview Wealth Management LLC now owns 7,584 shares of the semiconductor company's stock valued at $838,000 after purchasing an additional 403 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Marvell Technology by 15.9% in the fourth quarter. Empowered Funds LLC now owns 47,636 shares of the semiconductor company's stock worth $5,261,000 after purchasing an additional 6,536 shares during the period. Finally, Stephens Inc. AR lifted its position in shares of Marvell Technology by 19.6% during the 4th quarter. Stephens Inc. AR now owns 10,055 shares of the semiconductor company's stock worth $1,111,000 after purchasing an additional 1,648 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Insiders Place Their Bets

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares of the company's stock, valued at approximately $5,639,310.73. This represents a 6.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Melius Research cut Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research report on Thursday, May 22nd. China Renaissance began coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. Wells Fargo & Company cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Finally, Benchmark restated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Price Performance

Shares of Marvell Technology stock traded down $2.45 during trading on Friday, reaching $67.19. The company's stock had a trading volume of 14,146,733 shares, compared to its average volume of 14,741,300. The stock has a 50-day moving average price of $59.96 and a two-hundred day moving average price of $85.38. The stock has a market capitalization of $58.04 billion, a P/E ratio of -39.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter last year, the company posted $0.24 EPS. The company's quarterly revenue was up 63.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology's dividend payout ratio (DPR) is presently -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.