EFG Asset Management Americas Corp. Purchases Shares of 11,567 Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• EFG Asset Management Americas Corp. acquired 11,567 shares of Marvell Technology, valued at approximately $712,000, in the first quarter, according to a recent SEC filing.
• Institutional investors and hedge funds control 83.51% of Marvell Technology's stock, indicating significant interest from large financial entities.
• Analysts have varied outlooks on Marvell Technology, with price targets ranging from $60.00 to $130.00, reflecting a consensus rating of "Moderate Buy" with an average price target of $94.70.

EFG Asset Management Americas Corp. purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 11,567 shares of the semiconductor company's stock, valued at approximately $712,000.

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. Harbour Investments Inc. boosted its stake in Marvell Technology by 48.1% during the 1st quarter. Harbour Investments Inc. now owns 3,062 shares of the semiconductor company's stock valued at $189,000 after purchasing an additional 994 shares during the period. Sound View Wealth Advisors Group LLC boosted its stake in Marvell Technology by 3.5% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 12,534 shares of the semiconductor company's stock valued at $772,000 after purchasing an additional 421 shares during the period. Menard Financial Group LLC boosted its stake in Marvell Technology by 8.3% during the 1st quarter. Menard Financial Group LLC now owns 6,562 shares of the semiconductor company's stock valued at $402,000 after purchasing an additional 502 shares during the period. Davis R M Inc. boosted its stake in Marvell Technology by 6.3% during the 1st quarter. Davis R M Inc. now owns 644,397 shares of the semiconductor company's stock valued at $39,676,000 after purchasing an additional 38,226 shares during the period. Finally, Natixis Advisors LLC boosted its stake in Marvell Technology by 10.5% during the 1st quarter. Natixis Advisors LLC now owns 1,097,328 shares of the semiconductor company's stock valued at $67,563,000 after purchasing an additional 103,943 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer directly owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,434 shares of company stock valued at $1,097,826 in the last quarter. Company insiders own 0.19% of the company's stock.

Marvell Technology Stock Down 7.4%

Shares of MRVL traded down $5.92 during mid-day trading on Friday, hitting $74.45. 28,831,814 shares of the company's stock were exchanged, compared to its average volume of 16,205,894. The firm has a fifty day moving average of $71.59 and a two-hundred day moving average of $76.35. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48. The stock has a market cap of $64.31 billion, a price-to-earnings ratio of -130.61, a P/E/G ratio of 0.87 and a beta of 1.83. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted 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 business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the business posted $0.24 EPS. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Marvell Technology in a research note on Thursday, July 10th. They set a "neutral" rating and a $75.00 target price for the company. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 price target (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Morgan Stanley upped their price target on shares of Marvell Technology from $73.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Finally, 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 research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.70.

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.