Asset Management One Co. Ltd. increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 5.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 344,304 shares of the semiconductor company's stock after purchasing an additional 18,770 shares during the period. Asset Management One Co. Ltd.'s holdings in Marvell Technology were worth $21,199,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Bank Pictet & Cie Europe AG lifted its stake in shares of Marvell Technology by 0.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after purchasing an additional 460 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Marvell Technology by 385.7% in the 4th quarter. Principal Financial Group Inc. now owns 135,258 shares of the semiconductor company's stock valued at $14,939,000 after purchasing an additional 107,410 shares during the period. First Horizon Advisors Inc. lifted its stake in shares of Marvell Technology by 20.2% in the 4th quarter. First Horizon Advisors Inc. now owns 2,037 shares of the semiconductor company's stock valued at $225,000 after purchasing an additional 343 shares during the period. IFP Advisors Inc lifted its stake in shares of Marvell Technology by 14.5% in the 4th quarter. IFP Advisors Inc now owns 6,315 shares of the semiconductor company's stock valued at $697,000 after purchasing an additional 801 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in shares of Marvell Technology by 110.3% in the 4th quarter. Los Angeles Capital Management LLC now owns 9,928 shares of the semiconductor company's stock valued at $1,097,000 after purchasing an additional 5,208 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts recently commented on the stock. TD Cowen boosted their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Morgan Stanley upped their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a report on Friday, May 30th. Wall Street Zen raised shares of Marvell Technology from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Six analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $96.33.
View Our Latest Stock Analysis on MRVL
Marvell Technology Price Performance
Shares of NASDAQ MRVL opened at $75.93 on Thursday. 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 fifty day moving average price of $63.30 and a 200 day moving average price of $83.65. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The company has a market cap of $65.59 billion, a PE ratio of -133.21, a P/E/G ratio of 0.82 and a beta of 1.76.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the company earned $0.24 earnings per share. Marvell Technology's quarterly revenue was up 63.3% compared to the same quarter last year. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.
Marvell Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.
Insider Buying and Selling
In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer now directly owns 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated 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. In the last quarter, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by corporate insiders.
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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