Bulltick Wealth Management LLC Makes New $570,000 Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Bulltick Wealth Management LLC has acquired a new stake in Marvell Technology, purchasing 9,250 shares valued at approximately $570,000 during the first quarter.
• Analysts have set new price targets for Marvell Technology, with Bank of America raising its target from $80.00 to $90.00, reflecting strong confidence in the stock.
• The company's recent earnings report showed a 63.3% year-over-year revenue increase, with an earnings per share (EPS) of $0.62, slightly above analysts' estimates.

Bulltick Wealth Management LLC bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 9,250 shares of the semiconductor company's stock, valued at approximately $570,000.

A number of other institutional investors also recently modified their holdings of the company. Stone House Investment Management LLC acquired a new stake in shares of Marvell Technology in the first quarter valued at approximately $68,000. AIA Group Ltd increased its holdings in shares of Marvell Technology by 69.9% in the first quarter. AIA Group Ltd now owns 9,843 shares of the semiconductor company's stock valued at $606,000 after purchasing an additional 4,049 shares in the last quarter. Cove Private Wealth LLC increased its holdings in shares of Marvell Technology by 1,423.5% in the first quarter. Cove Private Wealth LLC now owns 33,516 shares of the semiconductor company's stock valued at $2,064,000 after purchasing an additional 31,316 shares in the last quarter. Linscomb Wealth Inc. increased its holdings in shares of Marvell Technology by 1.3% in the first quarter. Linscomb Wealth Inc. now owns 30,552 shares of the semiconductor company's stock valued at $1,881,000 after purchasing an additional 382 shares in the last quarter. Finally, SouthState Corp increased its holdings in shares of Marvell Technology by 281.8% in the first quarter. SouthState Corp now owns 1,829 shares of the semiconductor company's stock valued at $113,000 after purchasing an additional 1,350 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of several recent research reports. Morgan Stanley reiterated an "equal weight" rating on shares of Marvell Technology in a research report on Friday, August 8th. The Goldman Sachs Group began coverage on shares of Marvell Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $75.00 target price for the company. Raymond James Financial reissued 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. B. Riley reissued a "buy" rating and set a $115.00 price target (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Barclays cut their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Trading Up 1.9%

NASDAQ MRVL traded up $1.51 during mid-day trading on Wednesday, reaching $79.32. 11,690,812 shares of the stock were exchanged, compared to its average volume of 16,850,948. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The stock has a 50 day simple moving average of $73.87 and a 200-day simple moving average of $73.82. The stock has a market cap of $68.52 billion, a P/E ratio of -139.16, a P/E/G ratio of 0.84 and a beta of 1.83. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business's quarterly revenue was up 63.3% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. On average, analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared 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. The ex-dividend date was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

Insider Activity

In related news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the transaction, the chief financial officer owned 122,848 shares in the company, valued at approximately $7,954,408. This trade represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,148 shares of company stock valued at $1,014,236 in the last three months. 0.19% of the stock is owned by company 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.