Cove Private Wealth LLC Increases Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Cove Private Wealth LLC significantly increased its holdings in Marvell Technology by 1,423.5% during the first quarter, acquiring an additional 31,316 shares.
• Marvell Technology reported $1.90 billion in revenue and $0.62 EPS for the last quarter, exceeding analyst expectations and showing a 63.3% year-over-year revenue increase.
• The stock currently has a consensus rating of "Moderate Buy" with a target price of $94.70, as assessed by multiple research analysts.

Cove Private Wealth LLC grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1,423.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,516 shares of the semiconductor company's stock after purchasing an additional 31,316 shares during the quarter. Marvell Technology makes up 1.1% of Cove Private Wealth LLC's investment portfolio, making the stock its 22nd largest holding. Cove Private Wealth LLC's holdings in Marvell Technology were worth $2,064,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Marvell Technology in the 4th quarter worth about $234,000. Dynamic Advisor Solutions LLC increased its holdings in Marvell Technology by 5.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after acquiring an additional 206 shares during the last quarter. Yousif Capital Management LLC increased its holdings in Marvell Technology by 8.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after acquiring an additional 1,164 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the last quarter. Finally, Sargent Investment Group LLC increased its holdings in Marvell Technology by 55.7% in the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after acquiring an additional 4,792 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $77.34 on Monday. The business has a 50 day moving average of $72.98 and a 200 day moving average of $74.08. The company has a market capitalization of $66.81 billion, a price-to-earnings ratio of -135.68, a PEG ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48. 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 announced its quarterly earnings data 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 positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the company posted $0.24 earnings per share. The business's revenue was up 63.3% on a year-over-year basis. On average, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a $0.06 dividend. 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 presently -42.11%.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the sale, the executive vice president owned 17,163 shares in the company, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at $2,025,682. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,148 shares of company stock worth $1,014,236. Company insiders own 0.33% of the company's stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent research reports. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a report on Thursday, May 22nd. Redburn Atlantic began coverage on Marvell Technology in a report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price for the company. Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Finally, Cantor Fitzgerald lifted their target price on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.70.

About Marvell Technology

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.

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