Cerity Partners LLC Acquires 38,633 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Cerity Partners LLC raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 64.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 98,751 shares of the semiconductor company's stock after acquiring an additional 38,633 shares during the quarter. Cerity Partners LLC's holdings in Marvell Technology were worth $6,080,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Lee Danner & Bass Inc. acquired a new stake in Marvell Technology during the 4th quarter valued at $35,000. Capital Analysts LLC lifted its position in shares of Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 241 shares in the last quarter. Chelsea Counsel Co. bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $44,000. Bernard Wealth Management Corp. acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $45,000. Finally, Johnson Financial Group Inc. increased its holdings in shares of Marvell Technology by 125.0% in the fourth quarter. Johnson Financial Group Inc. now owns 423 shares of the semiconductor company's stock valued at $48,000 after purchasing an additional 235 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent research reports. TD Cowen boosted their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Susquehanna dropped their target price 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. B. Riley reaffirmed a "buy" rating and set a $115.00 price objective (up from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Loop Capital cut their target price on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Stock Performance

MRVL traded up $2.64 during trading on Friday, hitting $74.65. The stock had a trading volume of 16,880,591 shares, compared to its average volume of 15,882,663. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company has a 50 day moving average price of $68.81 and a 200-day moving average price of $79.37. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The firm has a market cap of $64.48 billion, a price-to-earnings ratio of -130.96, a P/E/G ratio of 0.77 and a beta of 1.81.

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

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 over the last ninety days. Company insiders own 0.19% of the company's stock.

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.