Goldman Sachs Group Inc. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Goldman Sachs Group Inc. increased its stake in Marvell Technology by 32.3%, now holding over 20 million shares valued at approximately $1.27 billion.
• Marvell Technology's quarterly earnings report showed revenue growth of 63.3% year-over-year, with earnings per share beating estimates at $0.62.
• Currently, 83.51% of Marvell Technology's stock is owned by institutional investors, with a consensus rating of "Moderate Buy" from analysts.

Goldman Sachs Group Inc. raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 32.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,661,308 shares of the semiconductor company's stock after purchasing an additional 5,050,159 shares during the quarter. Goldman Sachs Group Inc. owned approximately 2.39% of Marvell Technology worth $1,272,117,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MRVL. Nuveen Asset Management LLC boosted its holdings in shares of 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 buying an additional 6,543,132 shares in the last quarter. Impax Asset Management Group plc boosted its stake in 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 purchasing an additional 3,264,557 shares in the last quarter. Assenagon Asset Management S.A. boosted its stake in Marvell Technology by 8,128.6% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,460,851 shares of the semiconductor company's stock worth $151,515,000 after purchasing an additional 2,430,945 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Marvell Technology in the 4th quarter worth about $166,767,000. Finally, Polar Capital Holdings Plc boosted its stake in Marvell Technology by 577.6% in the 4th quarter. Polar Capital Holdings Plc now owns 1,700,816 shares of the semiconductor company's stock worth $187,855,000 after purchasing an additional 1,449,816 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

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

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS 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 for the quarter, compared to analysts' expectations of $1.88 billion. During the same quarter last year, the business earned $0.24 EPS. The firm's revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current 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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology 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 transaction of $87,885.50. Following the completion of the sale, 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 filing with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 3,000 shares of the stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president directly owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,434 shares of company stock valued at $1,097,826. Corporate insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $60.00 to $75.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 18th. Wall Street Zen cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Susquehanna dropped their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research note on Tuesday, May 27th. Citigroup dropped their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Melius cut 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 note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $94.70.

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.