Balboa Wealth Partners Grows Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Balboa Wealth Partners grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 141.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,786 shares of the semiconductor company's stock after acquiring an additional 11,606 shares during the period. Balboa Wealth Partners' holdings in Marvell Technology were worth $1,218,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in MRVL. Bank Pictet & Cie Europe AG boosted its holdings in shares of Marvell Technology by 0.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after acquiring an additional 460 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Marvell Technology by 385.7% in the 4th quarter. Principal Financial Group Inc. now owns 135,258 shares of the semiconductor company's stock valued at $14,939,000 after acquiring an additional 107,410 shares during the last quarter. Concurrent Investment Advisors LLC boosted its holdings in shares of Marvell Technology by 69.7% in the 4th quarter. Concurrent Investment Advisors LLC now owns 8,294 shares of the semiconductor company's stock valued at $916,000 after acquiring an additional 3,406 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Marvell Technology by 20.2% in the 4th quarter. First Horizon Advisors Inc. now owns 2,037 shares of the semiconductor company's stock valued at $225,000 after acquiring an additional 343 shares during the last quarter. Finally, WESPAC Advisors LLC purchased a new stake in shares of Marvell Technology in the 4th quarter valued at $221,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $70.78 on Tuesday. The company's 50-day moving average price is $62.39 and its 200-day moving average price is $83.76. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The company has a market cap of $61.14 billion, a P/E ratio of -124.18, a P/E/G ratio of 0.80 and a beta of 1.76. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share 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 for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the firm posted $0.24 earnings per share. The company's revenue for the quarter was up 63.3% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company 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 dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's payout ratio is currently -42.11%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MRVL. Cantor Fitzgerald increased their price target on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a report on Wednesday, June 18th. Loop Capital lowered their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Bank of America increased their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Finally, KeyCorp lowered their price target on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $96.33.

Insider Buying and Selling

In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.33% of the company's stock.

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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