Merit Financial Group LLC Acquires 13,661 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Merit Financial Group LLC lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 144.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 23,093 shares of the semiconductor company's stock after acquiring an additional 13,661 shares during the period. Merit Financial Group LLC's holdings in Marvell Technology were worth $1,422,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Invesco Ltd. lifted its holdings in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Janus Henderson Group PLC increased its position in shares of Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Marvell Technology by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock valued at $1,263,755,000 after purchasing an additional 80,005 shares during the last quarter. Finally, Norges Bank acquired a new position in Marvell Technology in the fourth quarter valued at about $1,138,354,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Down 0.4%

Shares of MRVL stock traded down $0.30 on Tuesday, hitting $68.84. The stock had a trading volume of 14,933,087 shares, compared to its average volume of 14,707,508. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a fifty day moving average price of $59.21 and a two-hundred day moving average price of $85.66. The firm has a market cap of $59.47 billion, a P/E ratio of -40.49, a PEG ratio of 1.61 and a beta of 1.76.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the firm earned $0.24 earnings per share. The company's revenue was up 63.3% on a year-over-year basis. As a group, analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Analyst Ratings Changes

MRVL has been the subject of a number of research analyst reports. TD Cowen lifted their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. UBS Group restated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Benchmark reaffirmed a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, May 30th. Finally, Morgan Stanley upped their price target on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $94.73.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares of the company's stock, valued at $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was 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. In the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. Company insiders own 0.19% of the company's stock.

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.