Migdal Insurance & Financial Holdings Ltd. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Migdal Insurance & Financial Holdings Ltd. grew its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 34.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 635,406 shares of the semiconductor company's stock after purchasing an additional 163,406 shares during the period. Migdal Insurance & Financial Holdings Ltd. owned about 0.07% of Marvell Technology worth $39,122,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in MRVL. Ring Mountain Capital LLC lifted its position in Marvell Technology by 4.1% during the first quarter. Ring Mountain Capital LLC now owns 22,919 shares of the semiconductor company's stock valued at $1,411,000 after purchasing an additional 904 shares during the last quarter. Jennison Associates LLC lifted its position in Marvell Technology by 117.1% during the first quarter. Jennison Associates LLC now owns 1,361,579 shares of the semiconductor company's stock valued at $83,832,000 after purchasing an additional 734,397 shares during the last quarter. Kingsview Wealth Management LLC lifted its position in Marvell Technology by 59.6% during the first quarter. Kingsview Wealth Management LLC now owns 12,101 shares of the semiconductor company's stock valued at $745,000 after purchasing an additional 4,517 shares during the last quarter. Graypoint LLC lifted its position in Marvell Technology by 8.7% during the first quarter. Graypoint LLC now owns 4,366 shares of the semiconductor company's stock valued at $269,000 after purchasing an additional 348 shares during the last quarter. Finally, Hudock Inc. lifted its position in Marvell Technology by 178.2% during the first quarter. Hudock Inc. now owns 6,672 shares of the semiconductor company's stock valued at $411,000 after purchasing an additional 4,274 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred 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. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 over the last ninety days. Company insiders own 0.19% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL traded up $0.08 during mid-day trading on Friday, hitting $72.09. The stock had a trading volume of 1,468,963 shares, compared to its average volume of 15,823,121. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The stock has a market cap of $62.28 billion, a price-to-earnings ratio of -126.51, a PEG ratio of 0.77 and a beta of 1.81. The company's 50 day simple moving average is $68.81 and its 200 day simple moving average is $79.37. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

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 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 period last year, the firm earned $0.24 earnings per share. The business's revenue for the quarter was up 63.3% on a year-over-year basis. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on MRVL shares. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. TD Cowen upped their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. B. Riley restated a "buy" rating and set a $115.00 target price (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. One research 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.com, the company has a consensus rating of "Moderate Buy" and an average target price of $94.47.

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.

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