Thoroughbred Financial Services LLC Boosts Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Thoroughbred Financial Services LLC boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 27.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,624 shares of the semiconductor company's stock after purchasing an additional 3,320 shares during the quarter. Thoroughbred Financial Services LLC's holdings in Marvell Technology were worth $961,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also 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 fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after buying an additional 460 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $139,000. Bank of Montreal Can lifted its stake in shares of Marvell Technology by 191.1% in the fourth quarter. Bank of Montreal Can now owns 786,860 shares of the semiconductor company's stock worth $86,909,000 after buying an additional 516,571 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in shares of Marvell Technology in the fourth quarter worth approximately $45,000. Finally, Advisory Services Network LLC lifted its stake in shares of Marvell Technology by 35.3% in the fourth quarter. Advisory Services Network LLC now owns 30,635 shares of the semiconductor company's stock worth $3,384,000 after buying an additional 8,001 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Stifel Nicolaus lowered their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research report on Thursday, April 17th. Loop Capital lowered their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Needham & Company LLC downgraded shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research report on Wednesday, July 16th. Finally, Wells Fargo & Company lowered their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. One equities research 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Activity

In related news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer directly owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,434 shares of company stock valued at $1,097,826. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of NASDAQ MRVL traded up $0.53 during midday trading on Thursday, reaching $75.85. The stock had a trading volume of 14,602,382 shares, compared to its average volume of 16,720,357. The stock has a 50-day moving average of $72.62 and a 200-day moving average of $75.11. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The company has a market capitalization of $65.52 billion, a price-to-earnings ratio of -133.07, a price-to-earnings-growth ratio of 0.82 and a beta of 1.83. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced 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. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.24 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

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.