LPL Financial LLC Grows Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• LPL Financial LLC increased its ownership in Marvell Technology by 18.4%, acquiring an additional 124,443 shares, bringing its total holdings to 799,775 shares valued at approximately $49.2 million.
• Several institutional investors significantly raised their positions in Marvell Technology, with Nuveen Asset Management boosting its holdings by 232.2% and Assenagon Asset Management increasing by 8,128.6% in recent quarters.
• Marvell Technology reported strong earnings, with a 63.3% year-over-year revenue increase, and analysts maintain a consensus rating of "Moderate Buy" with an average target price of $94.70.

LPL Financial LLC lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 18.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 799,775 shares of the semiconductor company's stock after acquiring an additional 124,443 shares during the quarter. LPL Financial LLC owned approximately 0.09% of Marvell Technology worth $49,242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $234,000. Dynamic Advisor Solutions LLC boosted its position in Marvell Technology by 5.0% in the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after purchasing an additional 206 shares during the last quarter. Yousif Capital Management LLC boosted its position in Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares during the last quarter. Sargent Investment Group LLC boosted its position in Marvell Technology by 55.7% in the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after purchasing an additional 4,792 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its position in Marvell Technology by 1,480.2% in the first quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock worth $3,747,000 after purchasing an additional 57,002 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,286 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the sale, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. This represents a 3.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, 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 disclosure for this sale can be found here. Insiders have sold a total of 16,434 shares of company stock valued at $1,097,826 over the last quarter. 0.19% of the stock is owned by company insiders.

Marvell Technology Price Performance

NASDAQ MRVL traded down $5.92 during trading on Friday, reaching $74.45. The company's stock had a trading volume of 28,831,814 shares, compared to its average volume of 16,205,894. The firm has a fifty day moving average of $71.59 and a 200 day moving average of $76.35. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The stock has a market capitalization of $64.31 billion, a PE ratio of -130.61, a P/E/G ratio of 0.87 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping 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 analysts' expectations of $1.88 billion. During the same period in the prior year, the business earned $0.24 EPS. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. Analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on MRVL shares. Deutsche Bank Aktiengesellschaft cut 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. Citigroup cut their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Barclays lowered their target price on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Needham & Company LLC lowered Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. Finally, The Goldman Sachs Group initiated coverage on Marvell Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $75.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.70.

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.