Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Edgestream Partners L.P.

Edgestream Partners L.P. raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1,480.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 60,853 shares of the semiconductor company's stock after acquiring an additional 57,002 shares during the period. Edgestream Partners L.P.'s holdings in Marvell Technology were worth $3,747,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hughes Financial Services LLC purchased a new stake in Marvell Technology in the 1st quarter valued at about $26,000. Rossby Financial LCC purchased a new stake in Marvell Technology in the 1st quarter valued at about $27,000. Security National Bank purchased a new stake in Marvell Technology in the 1st quarter valued at about $31,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology in the 4th quarter valued at about $35,000. Finally, Capital Analysts LLC boosted its position in Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after buying an additional 241 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $1.33 during trading hours on Friday, hitting $73.34. The company's stock had a trading volume of 4,344,920 shares, compared to its average volume of 15,834,311. The company has a 50 day moving average of $68.81 and a 200 day moving average of $79.37. The stock has a market cap of $63.36 billion, a PE ratio of -128.54, a price-to-earnings-growth ratio of 0.77 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. The business 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 business's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MRVL shares. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research report on Thursday, May 22nd. The Goldman Sachs Group began coverage on shares of Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price target for the company. Piper Sandler restated an "overweight" rating and issued a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Benchmark restated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. 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 assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus target price of $94.47.

Insider Activity

In related news, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president directly owned 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, 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. Over the last three months, insiders sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

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.