Griffith & Werner Inc. Raises Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Griffith & Werner Inc. grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 38.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 23,460 shares of the semiconductor company's stock after purchasing an additional 6,538 shares during the quarter. Griffith & Werner Inc.'s holdings in Marvell Technology were worth $1,444,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Invesco Ltd. lifted its stake in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its position in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP raised its position in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Geode Capital Management LLC raised its position in shares of Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock worth $1,263,755,000 after buying an additional 80,005 shares during the period. Finally, Norges Bank purchased a new position in shares of Marvell Technology in the 4th quarter worth $1,138,354,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Up 4.9%

Shares of Marvell Technology stock opened at $68.35 on Friday. The business has a 50-day moving average of $58.83 and a 200-day moving average of $85.98. 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 market capitalization of $59.04 billion, a PE ratio of -40.21, a P/E/G ratio of 1.61 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 earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company's revenue was up 63.3% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. Marvell Technology's payout ratio is -42.11%.

Insider Transactions at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares of the company's stock, valued at approximately $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.19% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on MRVL shares. Benchmark reaffirmed a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, May 30th. TD Cowen increased their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Citigroup cut their target price on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Stifel Nicolaus cut their target price on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Needham & Company LLC cut their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, 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.

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