Perigon Wealth Management LLC Buys 7,548 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Perigon Wealth Management LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 229.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,841 shares of the semiconductor company's stock after buying an additional 7,548 shares during the quarter. Perigon Wealth Management LLC's holdings in Marvell Technology were worth $667,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in MRVL. Point72 Asia Singapore Pte. Ltd. bought a new position in Marvell Technology during the fourth quarter valued at about $234,000. Dynamic Advisor Solutions LLC increased its holdings in shares of Marvell Technology by 5.0% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after acquiring an additional 206 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in shares of Marvell Technology in the 4th quarter valued at approximately $45,211,000. Yousif Capital Management LLC raised its stake in shares of Marvell Technology by 8.4% in the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock valued at $927,000 after acquiring an additional 1,164 shares in the last quarter. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Marvell Technology in the 4th quarter worth approximately $818,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on MRVL shares. B. Riley reiterated a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. China Renaissance began coverage on shares of Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective for the company. Raymond James Financial reiterated an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Stifel Nicolaus cut their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $96.33.

Insider Buying and Selling

In other 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 value of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last ninety days. Insiders own 0.33% of the company's stock.

Marvell Technology Price Performance

NASDAQ MRVL traded down $1.16 on Tuesday, reaching $76.24. The company's stock had a trading volume of 16,688,582 shares, compared to its average volume of 15,507,025. The firm has a market cap of $65.86 billion, a PE ratio of -133.75, a price-to-earnings-growth ratio of 0.84 and a beta of 1.81. The business has a 50-day moving average price of $64.94 and a 200 day moving average price of $82.58. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data 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. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the previous year, the business earned $0.24 earnings per share. The company's quarterly revenue was up 63.3% on a year-over-year basis. Sell-side analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current 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 0.31%. Marvell Technology's dividend payout ratio is currently -42.11%.

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.