Azimuth Capital Investment Management LLC Acquires 177,920 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Azimuth Capital Investment Management LLC significantly increased its stake in Marvell Technology by 185.9%, acquiring an additional 177,920 shares, bringing their total holdings to 273,652 shares valued at approximately $16.8 million.
• A variety of institutional investors, including Goldman Sachs, have also raised their stakes in Marvell Technology, indicating a strong interest from the market, with institutional ownership now at 83.51%.
• Marvell Technology recently reported earnings surpassing analysts' expectations, with $1.90 billion in revenue for the quarter, marking a 63.3% increase from the same quarter last year.

Azimuth Capital Investment Management LLC boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 185.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 273,652 shares of the semiconductor company's stock after purchasing an additional 177,920 shares during the period. Azimuth Capital Investment Management LLC's holdings in Marvell Technology were worth $16,849,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Marvell Technology in the fourth quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC raised its stake in shares of Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after acquiring an additional 206 shares during the last quarter. Yousif Capital Management LLC raised its stake in shares of Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after acquiring an additional 1,164 shares during the last quarter. Goldman Sachs Group Inc. raised its stake 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 acquiring an additional 5,050,159 shares during the last quarter. Finally, Sargent Investment Group LLC raised its stake in shares of Marvell Technology by 55.7% in the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after acquiring an additional 4,792 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

Insider Buying and Selling

In related news, EVP Mark Casper sold 3,000 shares of the stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,409 shares of company stock worth $445,964. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $79.04 on Friday. The firm has a market cap of $68.28 billion, a PE ratio of -138.67, a PEG ratio of 0.86 and a beta of 1.83. 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, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48. The company has a fifty day moving average price of $74.14 and a 200 day moving average price of $73.68.

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 for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. Research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued 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 is presently -42.11%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of research analyst reports. 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. The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price target for the company. Benchmark reaffirmed a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. China Renaissance initiated coverage on shares of Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price for the company. Finally, Stifel Nicolaus lowered their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

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.

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