Oak Ridge Investments LLC Buys 32,793 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Oak Ridge Investments LLC significantly increased its stake in Marvell Technology, Inc., growing its holdings by 863.4% in the first quarter to a total value of $2.25 million.
• The company's latest earnings report indicated a 63.3% year-over-year revenue increase, reporting $1.90 billion for the quarter and an EPS of $0.62, above analyst expectations.
• Marvell recently announced a quarterly dividend of $0.06 per share, translating to an annualized yield of 0.3%, with a negative dividend payout ratio of -42.11%.

Oak Ridge Investments LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 863.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,591 shares of the semiconductor company's stock after buying an additional 32,793 shares during the period. Oak Ridge Investments LLC's holdings in Marvell Technology were worth $2,253,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after buying an additional 1,212,338 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. raised its stake in Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after purchasing an additional 423,892 shares during the period. Janus Henderson Group PLC raised its stake in 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 valued at $1,462,274,000 after purchasing an additional 857,087 shares during the period. Finally, Nuveen Asset Management LLC raised its stake in 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 purchasing an additional 6,543,132 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of MRVL traded down $0.28 during trading hours on Thursday, reaching $79.04. 10,118,641 shares of the company traded hands, compared to its average volume of 16,114,096. The stock's fifty day moving average is $74.14 and its 200 day moving average is $73.68. The stock has a market cap of $68.28 billion, a P/E ratio of -138.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.83. 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, Inc. has a 1-year low of $47.08 and a 1-year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm's revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Morgan Stanley reissued an "equal weight" rating on shares of Marvell Technology in a research note on Friday, August 8th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Loop Capital cut their target price on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, Stifel Nicolaus lowered their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction dated Friday, July 18th. The stock was 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 in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,409 shares of company stock valued at $445,964 over the last quarter. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Company 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.