OVERSEA CHINESE BANKING Corp Ltd Acquires 34,965 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 336.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,346 shares of the semiconductor company's stock after acquiring an additional 34,965 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Marvell Technology were worth $2,792,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Hughes Financial Services LLC purchased a new stake in Marvell Technology in the 1st quarter worth approximately $26,000. Rossby Financial LCC purchased a new stake in Marvell Technology in the 1st quarter worth approximately $27,000. Security National Bank purchased a new stake in Marvell Technology in the 1st quarter worth approximately $31,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology in the 4th quarter worth approximately $35,000. Finally, Capital Analysts LLC lifted its stake in shares of Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 241 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James Financial restated an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Wells Fargo & Company lowered their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Benchmark restated a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Wednesday, June 18th. Bank of America raised their target price on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Finally, B. Riley reaffirmed a "buy" rating and set a $115.00 price objective (up from $110.00) on shares of Marvell Technology in a research report on Wednesday, June 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $94.47.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 626 shares of the business's stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president directly owned 626 shares of the company's stock, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. The trade was a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock valued at $1,656,076. Insiders own 0.19% of the company's stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $1.56 during mid-day trading on Wednesday, reaching $70.85. The stock had a trading volume of 26,444,360 shares, compared to its average volume of 15,890,629. 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 company has a market cap of $61.20 billion, a P/E ratio of -124.30, a price-to-earnings-growth ratio of 0.78 and a beta of 1.81. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The business's 50 day moving average price is $68.52 and its 200 day moving average price is $79.65.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS 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 the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm's revenue for the quarter was up 63.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.24 earnings per share. Research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology's payout ratio is currently -42.11%.

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.