Nuveen LLC Acquires New Holdings 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 bought a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,489,955 shares of the semiconductor company's stock, valued at approximately $399,587,000. Nuveen LLC owned 0.75% of Marvell Technology at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. boosted its holdings 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 purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. boosted its holdings in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after purchasing an additional 423,892 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Marvell Technology by 6.9% in 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 during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Trading Down 0.6%

Marvell Technology stock traded down $0.44 during midday trading on Thursday, reaching $78.88. The stock had a trading volume of 6,204,406 shares, compared to its average volume of 18,495,273. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve 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 $68.14 billion, a price-to-earnings ratio of -138.61, a PEG ratio of 0.84 and a beta of 1.83. The firm's fifty day simple moving average is $73.87 and its two-hundred day simple moving average is $73.82.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate 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 quarter last year, the firm earned $0.24 EPS. Equities analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were given a $0.06 dividend. The ex-dividend date was Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MRVL. Melius Research raised their price target on Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Deutsche Bank Aktiengesellschaft decreased their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Redburn Atlantic began coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 price target for the company. Raymond James Financial reissued an "outperform" rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Loop Capital decreased their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $94.70.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 6,409 shares of company stock worth $445,964 over the last ninety days. Corporate 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.