Nuveen LLC Acquires New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Nuveen LLC has acquired a new stake of approximately 6.49 million shares in Marvell Technology, valued at around $399.6 million, representing 0.75% ownership of the semiconductor company.
• Marvell Technology reported earnings of $0.62 per share for its latest quarter, exceeding analysts' expectations, and indicated a 63.3% year-over-year increase in revenue to $1.90 billion.
• The company's stock has a consensus rating of "Moderate Buy" from analysts, with a target price of $94.70, reflecting a positive outlook despite some mixed research report adjustments.

Nuveen LLC acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,489,955 shares of the semiconductor company's stock, valued at approximately $399,587,000. Nuveen LLC owned 0.75% of Marvell Technology as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in MRVL. Coldstream Capital Management Inc. lifted its stake in shares of Marvell Technology by 1.0% in the 4th quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock worth $1,253,000 after acquiring an additional 116 shares during the period. Virtue Capital Management LLC lifted its stake in shares of Marvell Technology by 2.1% in the 4th quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company's stock worth $856,000 after acquiring an additional 163 shares during the period. Kolinsky Wealth Management LLC lifted its stake in shares of Marvell Technology by 3.3% in the 4th quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company's stock worth $622,000 after acquiring an additional 181 shares during the period. Alta Advisers Ltd lifted its stake in shares of Marvell Technology by 7.3% in the 4th quarter. Alta Advisers Ltd now owns 2,898 shares of the semiconductor company's stock worth $320,000 after acquiring an additional 198 shares during the period. Finally, Denali Advisors LLC lifted its stake in shares of Marvell Technology by 2.3% in the 1st quarter. Denali Advisors LLC now owns 8,713 shares of the semiconductor company's stock worth $536,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $77.34 on Monday. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48. The firm's fifty day simple moving average is $72.98 and its 200 day simple moving average is $74.08. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $66.81 billion, a PE ratio of -135.68, a PEG ratio of 0.84 and a beta of 1.83.

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 negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the business posted $0.24 EPS. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared 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 of this dividend was Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology's dividend payout ratio is -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on 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 of the company's stock, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction 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 approximately $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. Insiders sold 15,148 shares of company stock valued at $1,014,236 in the last quarter. Company insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

MRVL has been the subject of several recent research reports. Melius lowered shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price for the company. in a research note on Thursday, May 22nd. Bank of America boosted their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. UBS Group restated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Loop Capital cut their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Finally, Barclays cut their target price on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus 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.

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