Lbp Am Sa Grows Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Lbp Am Sa raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 15.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 321,530 shares of the semiconductor company's stock after purchasing an additional 42,121 shares during the quarter. Lbp Am Sa's holdings in Marvell Technology were worth $19,797,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Bank Pictet & Cie Europe AG grew its stake in shares of Marvell Technology by 0.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after acquiring an additional 460 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in Marvell Technology in the fourth quarter worth about $361,000. Banco Santander S.A. acquired a new position in Marvell Technology in the fourth quarter valued at approximately $400,000. PNC Financial Services Group Inc. grew its holdings in Marvell Technology by 7.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 77,167 shares of the semiconductor company's stock worth $8,523,000 after buying an additional 5,384 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in Marvell Technology in the 4th quarter worth approximately $61,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MRVL. KeyCorp decreased their price objective on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, May 30th. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Wall Street Zen raised Marvell Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research note on Thursday, May 22nd. Finally, TD Cowen raised their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Trading Up 0.6%

Marvell Technology stock opened at $71.95 on Wednesday. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The firm has a market capitalization of $62.15 billion, a PE ratio of -126.23, a PEG ratio of 0.78 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The business's 50-day simple moving average is $67.07 and its 200-day simple moving average is $81.18.

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 firm 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%. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. Equities research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.33% of the company's stock.

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.

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