Dagco Inc. Acquires Shares of 6,975 Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Dagco Inc. has acquired a new stake in Marvell Technology, Inc., purchasing 6,975 shares valued at approximately $429,000 in the first quarter.
• Recent insider transactions include COO Chris Koopmans and EVP Mark Casper selling a combined 9,000 shares, with their ownerships decreasing by 6.12% and 14.88%, respectively.
• Marvell Technology's recent earnings report revealed a 63.3% year-over-year revenue increase, with $1.90 billion in revenue and earnings per share of $0.62, exceeding analyst expectations.

Dagco Inc. purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 6,975 shares of the semiconductor company's stock, valued at approximately $429,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bank Pictet & Cie Europe AG boosted its holdings in shares of Marvell Technology by 0.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after buying an additional 460 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Marvell Technology by 12.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 51,022 shares of the semiconductor company's stock valued at $5,635,000 after buying an additional 5,765 shares in the last quarter. Townsquare Capital LLC boosted its holdings in shares of Marvell Technology by 9.1% during the 4th quarter. Townsquare Capital LLC now owns 12,731 shares of the semiconductor company's stock valued at $1,406,000 after buying an additional 1,062 shares in the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $413,000. Finally, SageView Advisory Group LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $214,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the transaction, the executive vice president owned 17,163 shares in the company, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,409 shares of company stock valued at $445,964 in the last ninety days. Corporate insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on MRVL. Benchmark restated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. B. Riley reissued a "buy" rating and issued a $115.00 target price (up from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Bank of America raised their price target on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. China Renaissance began coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a "buy" rating and a $110.00 price target on the stock. Finally, Wall Street Zen raised shares of Marvell Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Stock Performance

NASDAQ MRVL traded down $0.28 during trading hours on Thursday, hitting $79.04. 10,118,641 shares of the company's stock traded hands, compared to its average volume of 18,522,629. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The firm has a market capitalization of $68.28 billion, a P/E ratio of -138.67, a P/E/G ratio of 0.84 and a beta of 1.83. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business's fifty day moving average price is $73.87 and its two-hundred day moving average price is $73.82.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data 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 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 firm posted $0.24 EPS. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. Equities research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's payout ratio is presently -42.11%.

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.