Kingswood Wealth Advisors LLC Acquires 10,935 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Kingswood Wealth Advisors LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 146.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,392 shares of the semiconductor company's stock after purchasing an additional 10,935 shares during the quarter. Kingswood Wealth Advisors LLC's holdings in Marvell Technology were worth $1,149,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of MRVL. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology in the 4th quarter worth $27,000. Lee Danner & Bass Inc. purchased a new stake in shares of Marvell Technology during the 4th quarter worth $35,000. Capital Analysts LLC boosted its position in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Chelsea Counsel Co. purchased a new position in Marvell Technology in the fourth quarter valued at about $44,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Up 7.1%

Shares of MRVL opened at $74.95 on Friday. The company has a market capitalization of $64.74 billion, a price-to-earnings ratio of -131.49, a PEG ratio of 0.81 and a beta of 1.76. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The stock's 50-day moving average price is $61.61 and its 200-day moving average price is $84.65. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

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, beating analysts' consensus estimates 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 8.42% and a negative net margin of 7.56%. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology's dividend payout ratio is presently -42.11%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several analyst reports. Benchmark reissued a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a research report on Wednesday. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Wells Fargo & Company cut 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. B. Riley reiterated a "buy" rating and set a $115.00 price objective (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday. Finally, Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research 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 data from MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $96.33.

Insider Buying and Selling at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer now owns 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on 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. Over the last quarter, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate insiders own 0.19% of the company's stock.

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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