Jennison Associates LLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Jennison Associates LLC raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 117.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,361,579 shares of the semiconductor company's stock after acquiring an additional 734,397 shares during the period. Jennison Associates LLC owned approximately 0.16% of Marvell Technology worth $83,832,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Marvell Technology during the 4th quarter valued at about $234,000. Dynamic Advisor Solutions LLC raised its stake in Marvell Technology by 5.0% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after buying an additional 206 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Marvell Technology during the 4th quarter valued at $45,211,000. Yousif Capital Management LLC raised its stake in Marvell Technology by 8.4% during the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after buying an additional 1,164 shares during the last quarter. Finally, Tree Line Advisors Hong Kong Ltd. purchased a new stake in Marvell Technology during the 4th quarter valued at $46,389,000. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on MRVL. Needham & Company LLC cut shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. B. Riley reiterated a "buy" rating and issued a $115.00 price objective (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Stock Down 1.9%

NASDAQ:MRVL traded down $1.45 during mid-day trading on Monday, reaching $73.20. The company's stock had a trading volume of 8,541,352 shares, compared to its average volume of 15,894,675. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The stock has a fifty day moving average of $69.11 and a 200-day moving average of $78.67. The firm has a market capitalization of $63.23 billion, a PE ratio of -128.22, a price-to-earnings-growth ratio of 0.81 and a beta of 1.81. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The firm's revenue for the quarter 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 Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Activity

In related news, CAO Panteha Dixon sold 1,283 shares of the 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 transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred 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 $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 in the last ninety days. 0.33% of the stock is currently owned by insiders.

About Marvell Technology

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.