Bellwether Advisors LLC Acquires 81,150 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Bellwether Advisors LLC significantly increased its stake in Marvell Technology by 205.9%, acquiring an additional 81,150 shares, bringing their total holdings to 120,564 shares valued at approximately $7.42 million.
• Marvell Technology's latest quarterly earnings report indicated an earnings per share (EPS) of $0.62, surpassing expectations of $0.61 and showing a 63.3% year-over-year revenue growth.
• The company's stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $94.47.

Bellwether Advisors LLC boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 205.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 120,564 shares of the semiconductor company's stock after acquiring an additional 81,150 shares during the period. Marvell Technology accounts for 1.5% of Bellwether Advisors LLC's holdings, making the stock its 15th biggest position. Bellwether Advisors LLC's holdings in Marvell Technology were worth $7,423,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Marvell Technology during the fourth quarter worth $234,000. Dynamic Advisor Solutions LLC increased its position in Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after acquiring an additional 206 shares during the period. Yousif Capital Management LLC raised its stake in Marvell Technology by 8.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares in the last quarter. Sargent Investment Group LLC boosted its holdings in Marvell Technology by 55.7% in the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after purchasing an additional 4,792 shares during the period. Finally, Edgestream Partners L.P. grew its position in shares of Marvell Technology by 1,480.2% during the 1st quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock worth $3,747,000 after purchasing an additional 57,002 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of analyst reports. Morgan Stanley boosted their price target on Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a research note on Friday, May 30th. Wall Street Zen cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. B. Riley reaffirmed a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research note on Thursday, May 22nd. Finally, KeyCorp cut their target price on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Price Performance

MRVL stock opened at $74.21 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The business has a 50-day simple moving average of $69.95 and a two-hundred day simple moving average of $77.39. The company has a market capitalization of $64.10 billion, a P/E ratio of -130.19, a price-to-earnings-growth ratio of 0.80 and a beta of 1.81. Marvell Technology, Inc. has a 52-week low of $47.08 and a 52-week 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 (EPS) for the quarter, topping analysts' consensus estimates 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 in the previous year, the firm earned $0.24 EPS. The business's revenue for the quarter was up 63.3% compared to the same quarter last year. Research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology's payout ratio is currently -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the sale, the executive vice president directly owned 17,163 shares of the company's stock, valued at $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,934 shares of company stock worth $1,187,826. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Company 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.

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.