KLP Kapitalforvaltning AS Increases Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

KLP Kapitalforvaltning AS grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.1% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 414,039 shares of the semiconductor company's stock after acquiring an additional 4,700 shares during the period. KLP Kapitalforvaltning AS's holdings in Marvell Technology were worth $25,492,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $16,213,000. Winch Advisory Services LLC raised its stake in shares of Marvell Technology by 1.4% in the 1st quarter. Winch Advisory Services LLC now owns 44,747 shares of the semiconductor company's stock valued at $2,755,000 after acquiring an additional 629 shares during the period. Crestwood Advisors Group LLC purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $1,436,000. Hazlett Burt & Watson Inc. raised its stake in shares of Marvell Technology by 11.0% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 2,097 shares of the semiconductor company's stock valued at $130,000 after acquiring an additional 208 shares during the period. Finally, Sargent Investment Group LLC raised its stake in shares of Marvell Technology by 55.7% in the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock valued at $825,000 after acquiring an additional 4,792 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares in the company, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,934 shares of company stock worth $1,187,826 in the last 90 days. Company insiders own 0.19% of the company's stock.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research reports. Loop Capital dropped their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a report on Friday, May 30th. Wells Fargo & Company dropped their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Friday, May 30th. TD Cowen lifted their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Stock Up 0.2%

Shares of NASDAQ:MRVL traded up $0.17 during trading on Friday, hitting $74.21. 9,813,678 shares of the company were exchanged, compared to its average volume of 16,248,888. The stock has a market capitalization of $64.10 billion, a P/E ratio of -130.19, a PEG ratio of 0.80 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48. The firm's 50 day moving average price is $69.95 and its 200-day moving average price is $77.39.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate 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 firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm 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 $0.06 dividend. 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 (DPR) 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.