Ontario Teachers Pension Plan Board Acquires 10,762 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Ontario Teachers Pension Plan Board increased its stake in Marvell Technology, Inc. by 277.9%, owning 14,635 shares valued at approximately $901,000.
• Marvell Technology reported a quarterly EPS of $0.62, exceeding analysts' expectations and showing a revenue increase of 63.3% year-over-year.
• Hedge funds and institutional investors own 83.51% of Marvell Technology's shares, indicating significant institutional confidence in the company.

Ontario Teachers Pension Plan Board increased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 277.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,635 shares of the semiconductor company's stock after buying an additional 10,762 shares during the period. Ontario Teachers Pension Plan Board's holdings in Marvell Technology were worth $901,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Nuveen Asset Management LLC boosted its stake in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after buying an additional 5,050,159 shares during the last quarter. Impax Asset Management Group plc boosted its stake in shares of Marvell Technology by 748.3% in the 1st quarter. Impax Asset Management Group plc now owns 3,700,841 shares of the semiconductor company's stock worth $227,033,000 after buying an additional 3,264,557 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Marvell Technology by 8,128.6% in the first quarter. Assenagon Asset Management S.A. now owns 2,460,851 shares of the semiconductor company's stock valued at $151,515,000 after purchasing an additional 2,430,945 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Marvell Technology in the fourth quarter valued at approximately $166,767,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 16,434 shares of company stock valued at $1,097,826. 0.19% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Loop Capital dropped their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Needham & Company LLC cut shares of Marvell Technology from a "buy" rating to a "cautious" rating in a report on Wednesday, July 16th. Evercore ISI lowered their target price on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. China Renaissance started coverage on shares of Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. Finally, TD Cowen boosted their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.70.

Marvell Technology Trading Up 2.0%

Shares of Marvell Technology stock traded up $1.49 during trading on Friday, reaching $77.34. 9,947,838 shares of the stock were exchanged, compared to its average volume of 16,874,638. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The stock's fifty day moving average is $72.98 and its 200 day moving average is $74.44. The firm has a market cap of $66.81 billion, a price-to-earnings ratio of -135.68, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48.

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

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were issued a $0.06 dividend. The ex-dividend date was Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.3%. Marvell Technology's dividend payout ratio (DPR) 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.