Pictet Asset Management Holding SA Acquires 488,610 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Pictet Asset Management Holding SA increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 6.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,776,196 shares of the semiconductor company's stock after acquiring an additional 488,610 shares during the period. Pictet Asset Management Holding SA owned about 0.90% of Marvell Technology worth $478,794,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in MRVL. Bank Pictet & Cie Europe AG boosted its position in shares of Marvell Technology by 0.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after acquiring an additional 460 shares in the last quarter. Proficio Capital Partners LLC bought a new position in Marvell Technology in the 4th quarter valued at approximately $361,000. AlphaQuest LLC bought a new position in Marvell Technology in the 4th quarter valued at approximately $61,000. Harbour Investments Inc. lifted its stake in Marvell Technology by 42.1% in the 4th quarter. Harbour Investments Inc. now owns 2,068 shares of the semiconductor company's stock valued at $228,000 after purchasing an additional 613 shares during the last quarter. Finally, Parallel Advisors LLC lifted its stake in Marvell Technology by 8.2% in the 4th quarter. Parallel Advisors LLC now owns 10,588 shares of the semiconductor company's stock valued at $1,170,000 after purchasing an additional 799 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on MRVL shares. Morgan Stanley increased their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a research note on Friday, May 30th. The Goldman Sachs Group started coverage on shares of Marvell Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price objective for the company. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Needham & Company LLC downgraded shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $94.47.

Marvell Technology Stock Up 3.7%

MRVL traded up $2.64 during midday trading on Friday, hitting $74.65. The company had a trading volume of 16,898,439 shares, compared to its average volume of 15,896,145. 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 capitalization of $64.48 billion, a price-to-earnings ratio of -130.96, a PEG ratio of 0.78 and a beta of 1.81. The stock's 50 day moving average price is $69.11 and its 200 day moving average price is $79.13.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the previous year, the firm posted $0.24 earnings per share. The business's revenue was up 63.3% compared to the same quarter last year. On average, 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 disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insider Buying and Selling at Marvell Technology

In other news, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the completion of the transaction, the chief accounting officer directly owned 32,094 shares in the company, valued at $2,086,110. This trade represents a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 transaction, the chief financial officer owned 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 over the last three months. 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.