Fox Run Management L.L.C. Grows Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Fox Run Management L.L.C. increased its stake in Marvell Technology by an impressive 1,521.7%, acquiring nearly 74,000 additional shares, making it the fund's fourth largest holding valued at approximately $4.9 million.
• Marvell Technology reported a 63.3% increase in revenue year-over-year, with earnings per share exceeding analysts' estimates by $0.01 during the last quarter.
• The company's stock has received a consensus rating of "Moderate Buy" with a price target of about $94.70, despite one analyst issuing a sell rating.

Fox Run Management L.L.C. grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1,521.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 78,849 shares of the semiconductor company's stock after buying an additional 73,987 shares during the period. Marvell Technology accounts for about 0.8% of Fox Run Management L.L.C.'s investment portfolio, making the stock its 4th biggest holding. Fox Run Management L.L.C.'s holdings in Marvell Technology were worth $4,855,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Bank Pictet & Cie Europe AG increased its stake in shares of 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 acquiring an additional 460 shares during the period. Rockefeller Capital Management L.P. grew its position in Marvell Technology by 12.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 51,022 shares of the semiconductor company's stock worth $5,635,000 after buying an additional 5,765 shares during the last quarter. Townsquare Capital LLC grew its position in Marvell Technology by 9.1% in the fourth quarter. Townsquare Capital LLC now owns 12,731 shares of the semiconductor company's stock worth $1,406,000 after buying an additional 1,062 shares during the last quarter. Sagespring Wealth Partners LLC acquired a new position in Marvell Technology in the fourth quarter worth approximately $413,000. Finally, SageView Advisory Group LLC acquired a new position in Marvell Technology in the fourth quarter worth approximately $214,000. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the topic of several recent research reports. Benchmark restated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. Stifel Nicolaus decreased their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. B. Riley restated a "buy" rating and issued a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. Rosenblatt Securities reiterated a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Evercore ISI lowered their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares of the company's stock, valued at $1,241,743.05. This trade represents a 14.88% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at approximately $2,025,682. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold 6,409 shares of company stock worth $445,964 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Trading Up 1.9%

MRVL opened at $79.32 on Thursday. The firm's fifty day moving average is $73.87 and its two-hundred day moving average is $73.82. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The firm has a market cap of $68.52 billion, a PE ratio of -139.16, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during 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 firm's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 earnings per share. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

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

Marvell Technology Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.