Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Hartline Investment Corp

Hartline Investment Corp lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 375,717 shares of the semiconductor company's stock after purchasing an additional 7,611 shares during the quarter. Marvell Technology comprises about 3.1% of Hartline Investment Corp's holdings, making the stock its 8th largest holding. Hartline Investment Corp's holdings in Marvell Technology were worth $23,133,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MRVL. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $27,000. Rossby Financial LCC acquired a new stake in Marvell Technology during the first quarter worth $27,000. Security National Bank acquired a new stake in Marvell Technology during the first quarter worth $31,000. Lee Danner & Bass Inc. acquired a new stake in Marvell Technology during the fourth quarter worth $35,000. Finally, Capital Analysts LLC increased its stake in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 241 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of MRVL traded up $0.90 during mid-day trading on Friday, reaching $75.15. 10,217,992 shares of the company's stock traded hands, compared to its average volume of 15,688,984. The business's 50-day moving average price is $66.54 and its 200-day moving average price is $81.72. The stock has a market capitalization of $64.92 billion, a P/E ratio of -131.84, a price-to-earnings-growth ratio of 0.81 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.24 earnings per share. Equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is -42.11%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the transaction, the chief accounting officer owned 32,094 shares in the company, valued at approximately $2,086,110. This represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently commented on MRVL. Barclays lowered their price target on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Evercore ISI decreased their target price on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Melius cut Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research report on Thursday, May 22nd. Stifel Nicolaus dropped their price target on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Finally, Needham & Company LLC restated a "buy" rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of "Moderate Buy" and an average price target of $96.33.

Marvell Technology Company 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.