BXM Wealth LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

BXM Wealth LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 5,620 shares of the semiconductor company's stock, valued at approximately $346,000.

Several other hedge funds also recently added to or reduced their stakes in MRVL. Norges Bank bought a new position in Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new stake in Marvell Technology in the 4th quarter valued at about $802,410,000. Nuveen Asset Management LLC boosted its position in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares during the period. Wellington Management Group LLP boosted its position in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. boosted its position in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded up $0.31 during trading on Wednesday, hitting $72.26. The company had a trading volume of 18,207,053 shares, compared to its average volume of 15,766,299. The stock has a fifty day simple moving average of $67.34 and a two-hundred day simple moving average of $81.12. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $62.42 billion, a price-to-earnings ratio of -126.77, a price-to-earnings-growth ratio of 0.78 and a beta of 1.81. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week 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. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period last year, the firm posted $0.24 earnings per share. On average, research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Thursday, May 15th. The stock was 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 $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on MRVL shares. China Renaissance started coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price objective for the company. Susquehanna lowered their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research report on Tuesday, May 27th. Bank of America boosted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Wells Fargo & Company reduced their price objective 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. Finally, B. Riley restated a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

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.