Sanders Morris Harris LLC Purchases 80,273 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Sanders Morris Harris LLC boosted its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 4,013.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 82,273 shares of the semiconductor company's stock after purchasing an additional 80,273 shares during the quarter. Marvell Technology comprises 0.8% of Sanders Morris Harris LLC's holdings, making the stock its 18th biggest position. Sanders Morris Harris LLC's holdings in Marvell Technology were worth $5,156,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of MRVL. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $27,000. Financial Life Planners bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $33,000. Lee Danner & Bass Inc. bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $35,000. Finally, GHP Investment Advisors Inc. raised its holdings in shares of Marvell Technology by 48.3% in the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 112 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock worth $2,079,948 over the last ninety days. Insiders own 0.19% of the company's stock.

Marvell Technology Trading Up 5.6%

Shares of NASDAQ:MRVL traded up $3.52 during mid-day trading on Wednesday, reaching $65.88. The stock had a trading volume of 12,985,673 shares, compared to its average volume of 14,491,197. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a market cap of $56.91 billion, a PE ratio of -38.75, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The firm has a 50 day simple moving average of $58.56 and a two-hundred day simple moving average of $86.46. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve 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. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the company posted $0.24 EPS. The business's quarterly revenue was up 63.3% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Analysts Set New Price Targets

MRVL has been the topic of several analyst reports. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research report on Monday. B. Riley dropped their target price on shares of Marvell Technology from $135.00 to $110.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. Melius downgraded shares of 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. Raymond James reissued an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $94.21.

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.