Lecap Asset Management Ltd. grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 175.5% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 40,905 shares of the semiconductor company's stock after acquiring an additional 26,059 shares during the quarter. Lecap Asset Management Ltd.'s holdings in Marvell Technology were worth $2,519,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. International Assets Investment Management LLC lifted its position in Marvell Technology by 163.4% during the first quarter. International Assets Investment Management LLC now owns 9,412 shares of the semiconductor company's stock valued at $580,000 after purchasing an additional 5,839 shares during the period. Balboa Wealth Partners raised its stake in Marvell Technology by 141.9% during the 1st quarter. Balboa Wealth Partners now owns 19,786 shares of the semiconductor company's stock valued at $1,218,000 after buying an additional 11,606 shares during the last quarter. Sava Infond d.o.o. raised its stake in Marvell Technology by 47.5% during the 1st quarter. Sava Infond d.o.o. now owns 90,000 shares of the semiconductor company's stock valued at $5,541,000 after buying an additional 29,000 shares during the last quarter. Legacy Advisors LLC lifted its holdings in shares of Marvell Technology by 20.2% during the 1st quarter. Legacy Advisors LLC now owns 5,372 shares of the semiconductor company's stock valued at $331,000 after buying an additional 904 shares during the period. Finally, Asset Management One Co. Ltd. lifted its holdings in shares of Marvell Technology by 5.8% during the 1st quarter. Asset Management One Co. Ltd. now owns 344,304 shares of the semiconductor company's stock valued at $21,199,000 after buying an additional 18,770 shares during the period. 83.51% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of analysts recently commented on MRVL shares. Melius cut Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a research report on Thursday, May 22nd. China Renaissance assumed coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price target for the company. Barclays lowered their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. B. Riley reissued a "buy" rating and issued a $115.00 price objective (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Finally, Wells Fargo & Company reduced their target price 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. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.
Check Out Our Latest Research Report on MRVL
Marvell Technology Price Performance
Shares of NASDAQ:MRVL traded up $4.04 during midday trading on Thursday, reaching $79.97. 37,399,280 shares of the company were exchanged, compared to its average volume of 15,405,562. The stock has a market cap of $69.08 billion, a PE ratio of -140.30, a price-to-earnings-growth ratio of 0.82 and a beta of 1.76. The business's fifty day moving average is $63.30 and its two-hundred day moving average is $83.65. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business's revenue was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.24 EPS. As a group, analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.
Marvell Technology Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.
Insider Buying and Selling
In related news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the completion of the transaction, the chief accounting officer now owns 32,094 shares in the company, valued at approximately $2,086,110. This trade represents a 3.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business's 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 sale, the chief operating officer now directly owns 92,065 shares in the company, valued at $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.19% of the company's stock.
About Marvell Technology
(
Free Report)
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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