Flagship Harbor Advisors LLC Acquires 6,479 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Flagship Harbor Advisors LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 195.4% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,794 shares of the semiconductor company's stock after purchasing an additional 6,479 shares during the quarter. Flagship Harbor Advisors LLC's holdings in Marvell Technology were worth $603,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Bank Pictet & Cie Europe AG increased its stake in Marvell Technology by 0.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after purchasing an additional 460 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Marvell Technology by 385.7% during the 4th quarter. Principal Financial Group Inc. now owns 135,258 shares of the semiconductor company's stock valued at $14,939,000 after buying an additional 107,410 shares during the last quarter. First Horizon Advisors Inc. raised its position in shares of Marvell Technology by 20.2% during the 4th quarter. First Horizon Advisors Inc. now owns 2,037 shares of the semiconductor company's stock worth $225,000 after purchasing an additional 343 shares during the period. MONECO Advisors LLC lifted its stake in Marvell Technology by 3.9% in the fourth quarter. MONECO Advisors LLC now owns 4,108 shares of the semiconductor company's stock valued at $454,000 after buying an additional 155 shares during the last quarter. Finally, IFP Advisors Inc boosted its stake in Marvell Technology by 14.5% during the 4th quarter. IFP Advisors Inc now owns 6,315 shares of the semiconductor company's stock valued at $697,000 after purchasing an additional 801 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. Citigroup decreased their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. UBS Group restated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company decreased their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Six equities research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.33.

Insider Activity

In other news, CAO Panteha Dixon sold 1,239 shares of the company's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the transaction, the chief accounting officer now directly owns 30,855 shares in the company, valued at approximately $2,005,883.55. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,394 shares of company stock worth $1,656,076. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $0.72 during trading hours on Wednesday, hitting $75.93. 19,348,837 shares of the company's stock were exchanged, compared to its average volume of 15,276,742. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company's 50-day moving average price is $62.82 and its 200-day moving average price is $83.70. The stock has a market capitalization of $65.59 billion, a price-to-earnings ratio of -133.21, a PEG ratio of 0.77 and a beta of 1.76. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data 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 negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The firm's revenue for the quarter was up 63.3% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology's payout ratio is currently -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.