Marvell Technology, Inc. $MRVL Shares Bought by Korea Investment CORP

Key Points

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Korea Investment CORP grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 16.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 769,495 shares of the semiconductor company's stock after acquiring an additional 110,932 shares during the quarter. Korea Investment CORP owned about 0.09% of Marvell Technology worth $47,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Marvell Technology in the fourth quarter worth about $234,000. Dynamic Advisor Solutions LLC boosted its position in shares of 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 buying an additional 206 shares during the period. Yousif Capital Management LLC boosted its position in shares of 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 buying an additional 1,164 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after buying an additional 5,050,159 shares during the period. Finally, Sargent Investment Group LLC boosted its position in shares of 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 buying an additional 4,792 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Up 0.7%

Shares of Marvell Technology stock opened at $76.74 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The business's 50 day simple moving average is $74.45 and its 200-day simple moving average is $72.74. The stock has a market capitalization of $66.29 billion, a price-to-earnings ratio of -134.63, a PEG ratio of 0.83 and a beta of 1.83. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the firm earned $0.24 EPS. The firm's revenue was up 63.3% compared to the same quarter last year. 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 announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MRVL. Raymond James Financial reaffirmed an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Piper Sandler reaffirmed an "overweight" rating and issued a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Rosenblatt Securities reissued a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. Finally, Cantor Fitzgerald increased their price target on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $94.70.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $72.35, for a total value of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. This trade represents a 14.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares in the company, valued at approximately $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,783 shares of company stock worth $407,716 in the last three months. 0.19% of the stock is owned by company insiders.

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.

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