Castle Rock Wealth Management LLC Acquires 12,214 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Castle Rock Wealth Management LLC raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 75.0% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,497 shares of the semiconductor company's stock after purchasing an additional 12,214 shares during the period. Castle Rock Wealth Management LLC's holdings in Marvell Technology were worth $1,775,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Invesco Ltd. lifted its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of 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 worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $1,138,354,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The stock was bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares in the company, valued at $6,010,797. The trade was a 3.57% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. 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 three months. Corporate insiders own 0.19% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Cantor Fitzgerald restated a "neutral" rating and set a $60.00 price target on shares of Marvell Technology in a report on Friday, May 30th. Barclays decreased their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Evercore ISI reduced their price target on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Morgan Stanley increased their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a research note on Friday, May 30th. Finally, Needham & Company LLC dropped their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.21.

Marvell Technology Stock Performance

MRVL traded up $3.52 during trading on Wednesday, reaching $65.88. 12,985,673 shares of the company's stock were exchanged, compared to its average volume of 14,491,197. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. 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 stock has a market capitalization of $56.91 billion, a P/E ratio of -38.75, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company's fifty day simple moving average is $58.56 and its 200-day simple moving average is $86.46.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating 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 firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter in the previous year, the company posted $0.24 EPS. The company's revenue was up 63.3% compared to the same quarter last year. As a group, research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

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.