GAMMA Investing LLC Raises Position in Marvell Technology, Inc. (NASDAQ:MRVL)

GAMMA Investing LLC lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 6,001.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 501,796 shares of the semiconductor company's stock after acquiring an additional 493,572 shares during the period. GAMMA Investing LLC owned approximately 0.06% of Marvell Technology worth $30,896,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in MRVL. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Marvell Technology during the 4th quarter valued at approximately $27,000. Lee Danner & Bass Inc. purchased a new stake in shares of Marvell Technology during the 4th quarter valued at approximately $35,000. GHP Investment Advisors Inc. increased its holdings in Marvell Technology by 48.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 112 shares during the period. Finally, Capital Analysts LLC increased its holdings in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 241 shares during the period. 83.51% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Brad W. Buss bought 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were purchased at an average price 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 approximately $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology 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 90 days, insiders have sold 33,541 shares of company stock valued at $2,079,948. Corporate insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of analyst reports. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. TD Cowen upped their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Bank of America decreased their price target on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Redburn Atlantic assumed coverage on shares of Marvell Technology in a report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price target on the stock. Finally, Wells Fargo & Company decreased their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Trading Down 1.7%

Marvell Technology stock traded down $1.14 during trading hours on Thursday, reaching $65.16. The stock had a trading volume of 23,064,101 shares, compared to its average volume of 14,585,036. The stock has a market cap of $56.29 billion, a PE ratio of -38.33, a PEG ratio of 1.61 and a beta of 1.83. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a fifty 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 announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The company's revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.24 EPS. Analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

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.