Bourgeon Capital Management LLC Acquires 39,085 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Bourgeon Capital Management LLC lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 30.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 166,183 shares of the semiconductor company's stock after buying an additional 39,085 shares during the quarter. Marvell Technology makes up approximately 2.2% of Bourgeon Capital Management LLC's portfolio, making the stock its 18th biggest holding. Bourgeon Capital Management LLC's holdings in Marvell Technology were worth $10,232,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Union Bancaire Privee UBP SA bought a new stake in shares of Marvell Technology during the 4th quarter valued at about $16,699,000. OLD National Bancorp IN bought a new stake in Marvell Technology during the fourth quarter valued at approximately $237,000. Mediolanum International Funds Ltd purchased a new position in Marvell Technology in the 4th quarter worth approximately $1,241,000. Caprock Group LLC increased its holdings in shares of Marvell Technology by 8.1% in the 4th quarter. Caprock Group LLC now owns 8,784 shares of the semiconductor company's stock worth $970,000 after buying an additional 656 shares during the last quarter. Finally, Waldron Private Wealth LLC increased its holdings in shares of Marvell Technology by 3.6% in the 4th quarter. Waldron Private Wealth LLC now owns 2,964 shares of the semiconductor company's stock worth $327,000 after buying an additional 103 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 6.3%

MRVL stock traded up $3.94 during midday trading on Wednesday, hitting $66.30. The stock had a trading volume of 26,951,120 shares, compared to its average volume of 14,541,662. The business has a 50-day moving average of $58.56 and a two-hundred day moving average of $86.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $57.27 billion, a price-to-earnings ratio of -39.00, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the business earned $0.24 EPS. Marvell Technology's quarterly revenue was up 63.3% compared to the same quarter last year. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology's dividend payout ratio is currently -42.11%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. The trade was a 1.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 626 shares of the firm's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock worth $2,079,948 in the last 90 days. Insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on MRVL shares. William Blair upgraded shares of Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. Citigroup cut their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. B. Riley decreased their price objective on Marvell Technology from $135.00 to $110.00 and set a "buy" rating on the stock in a report on Monday, May 19th. UBS Group restated a "buy" rating on shares of Marvell Technology in a research report on Monday. Finally, Raymond James reiterated an "outperform" rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.21.

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.