Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS raised its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 111.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 21,541 shares of the semiconductor company's stock after acquiring an additional 11,360 shares during the period. Kornitzer Capital Management Inc. KS's holdings in Marvell Technology were worth $1,326,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Hughes Financial Services LLC acquired a new position in Marvell Technology during the first quarter worth $26,000. Rossby Financial LCC purchased a new stake in Marvell Technology during the first quarter worth $27,000. Security National Bank purchased a new stake in Marvell Technology during the first quarter worth $31,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology during the fourth quarter worth $35,000. Finally, 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 worth $38,000 after purchasing an additional 241 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research analyst reports. Rosenblatt Securities reiterated a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. The Goldman Sachs Group initiated coverage on Marvell Technology in a research report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price objective on the stock. Melius Research upped their price objective on Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Cantor Fitzgerald upped their price objective on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Stock Up 3.7%

Shares of MRVL stock traded up $2.64 during trading hours on Friday, reaching $74.65. The company had a trading volume of 16,893,422 shares, compared to its average volume of 15,882,715. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a market capitalization of $64.48 billion, a P/E ratio of -130.96, a price-to-earnings-growth ratio of 0.77 and a beta of 1.81. The stock's fifty day simple moving average is $68.81 and its 200 day simple moving average is $79.37.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data 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. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the firm earned $0.24 EPS. Marvell Technology's quarterly revenue was up 63.3% on a year-over-year basis. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the transaction, the chief operating officer owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. The trade was a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 in the last quarter. Company insiders own 0.19% of the company's stock.

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.