Oppenheimer & Co. Inc. Acquires 36,261 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Oppenheimer & Co. Inc. boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 14.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 293,749 shares of the semiconductor company's stock after purchasing an additional 36,261 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Marvell Technology were worth $18,086,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the stock. Norges Bank acquired a new position in Marvell Technology in the 4th quarter valued at $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $802,410,000. Nuveen Asset Management LLC raised its stake in Marvell Technology by 232.2% in the fourth 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 in the last quarter. Wellington Management Group LLP lifted its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. grew its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Down 1.9%

NASDAQ MRVL opened at $73.51 on Monday. The business has a 50 day moving average price of $62.02 and a 200-day moving average price of $84.06. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company has a market cap of $63.50 billion, a price-to-earnings ratio of -128.96, a P/E/G ratio of 0.80 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 for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for 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 was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.24 EPS. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's payout ratio is currently -42.11%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on MRVL shares. Loop Capital cut their target price 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. Evercore ISI reduced their price objective on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Wells Fargo & Company decreased their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. B. Riley restated a "buy" rating and issued a $115.00 price target (up from $110.00) on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, UBS Group reissued a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $96.33.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total transaction of $83,590.00. Following the sale, the chief accounting officer now directly owns 32,094 shares in the company, valued at approximately $2,086,110. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer now owns 121,348 shares of the company's stock, valued at $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is owned by insiders.

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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