MainStreet Investment Advisors LLC Acquires Shares of 16,733 Marvell Technology, Inc. (NASDAQ:MRVL)

MainStreet Investment Advisors LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 16,733 shares of the semiconductor company's stock, valued at approximately $1,030,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in MRVL. Rogco LP purchased a new position in Marvell Technology during the first quarter valued at $283,000. Poinciana Advisors Group LLC lifted its position in Marvell Technology by 75.4% during the first quarter. Poinciana Advisors Group LLC now owns 3,432 shares of the semiconductor company's stock valued at $211,000 after buying an additional 1,475 shares during the period. LBP AM SA lifted its position in Marvell Technology by 15.1% during the first quarter. LBP AM SA now owns 321,530 shares of the semiconductor company's stock valued at $19,797,000 after buying an additional 42,121 shares during the period. Linden Thomas Advisory Services LLC lifted its position in Marvell Technology by 2.5% during the first quarter. Linden Thomas Advisory Services LLC now owns 9,129 shares of the semiconductor company's stock valued at $562,000 after buying an additional 226 shares during the period. Finally, Greenleaf Trust lifted its position in Marvell Technology by 5.9% during the first quarter. Greenleaf Trust now owns 8,248 shares of the semiconductor company's stock valued at $508,000 after buying an additional 459 shares during the period. Institutional investors own 83.51% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MRVL shares. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. China Renaissance started coverage on Marvell Technology in a research report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price target for the company. Citigroup lowered their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Bank of America lifted their price target on Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Wednesday, June 18th. Eight equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $0.65 during mid-day trading on Friday, reaching $72.71. 9,957,323 shares of the company traded hands, compared to its average volume of 15,795,669. The company's 50 day moving average price is $67.80 and its 200-day moving average price is $80.29. The firm has a market cap of $62.81 billion, a PE ratio of -127.56, a PEG ratio of 0.79 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 52 week low of $47.09 and a 52 week high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 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 company had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the firm earned $0.24 EPS. The firm's revenue was up 63.3% compared to the same quarter last year. On average, equities 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 will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,283 shares of the business'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 transaction, the chief accounting officer owned 29,572 shares of the company's stock, valued at approximately $2,025,682. The trade was a 4.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,394 shares of company stock valued at $1,656,076 over the last 90 days. 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.