Fifth Third Wealth Advisors LLC Grows Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Fifth Third Wealth Advisors LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 649.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,426 shares of the semiconductor company's stock after purchasing an additional 33,298 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Marvell Technology were worth $2,366,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Centricity Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth approximately $27,000. Financial Life Planners bought a new position in Marvell Technology in the fourth quarter worth approximately $33,000. Lee Danner & Bass Inc. bought a new position in Marvell Technology in the fourth quarter worth approximately $35,000. Finally, GHP Investment Advisors Inc. grew its stake in Marvell Technology by 48.3% in the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 112 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $1.14 during trading on Thursday, reaching $65.16. 23,064,101 shares of the company's stock traded hands, compared to its average volume of 14,585,061. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market cap of $56.29 billion, a PE ratio of -38.33, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a 50-day simple moving average of $58.72 and a 200-day simple moving average of $86.16.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the firm earned $0.24 EPS. The company's quarterly revenue was up 63.3% on a year-over-year basis. As a group, analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Activity at Marvell Technology

In related news, Director Brad W. Buss purchased 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now owns 87,113 shares of the company's stock, valued at $6,010,797. This represents a 3.57% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MRVL shares. Melius Research lowered Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price for the company. in a report on Thursday, May 22nd. Citigroup decreased their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. Rosenblatt Securities reiterated a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a report on Friday, May 30th. Needham & Company LLC decreased their price objective on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. Finally, Piper Sandler reiterated an "overweight" rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $94.73.

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.