Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 141,159 shares of the semiconductor company's stock after purchasing an additional 3,989 shares during the quarter. Pinnacle Financial Partners Inc's holdings in Marvell Technology were worth $8,691,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the stock. First Bank & Trust grew its position in shares of Marvell Technology by 9.1% during the first quarter. First Bank & Trust now owns 25,935 shares of the semiconductor company's stock worth $1,597,000 after buying an additional 2,161 shares in the last quarter. Rossby Financial LCC purchased a new position in Marvell Technology in the first quarter worth approximately $27,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Marvell Technology by 15.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 140,012 shares of the semiconductor company's stock worth $8,621,000 after acquiring an additional 19,075 shares in the last quarter. Lincoln Capital Corp purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $1,425,000. Finally, Smith Group Asset Management LLC lifted its position in shares of Marvell Technology by 40.6% during the 1st quarter. Smith Group Asset Management LLC now owns 363,481 shares of the semiconductor company's stock worth $22,380,000 after purchasing an additional 104,931 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

NASDAQ:MRVL traded up $0.90 during mid-day trading on Thursday, reaching $75.15. The stock had a trading volume of 10,217,992 shares, compared to its average volume of 15,609,778. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The business has a 50 day simple moving average of $65.86 and a 200 day simple moving average of $82.48. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The firm has a market capitalization of $64.92 billion, a price-to-earnings ratio of -131.84, a PEG ratio of 0.83 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly 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 business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company's revenue was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 EPS. On average, analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders 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 yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's payout ratio is currently -42.11%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Evercore ISI decreased their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Cantor Fitzgerald upped their price target on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a report on Wednesday, June 18th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price objective on shares of Marvell Technology in a report on Wednesday, June 18th. China Renaissance started coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective for the company. Finally, TD Cowen increased their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $96.33.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,394 shares of company stock worth $1,656,076 over the last ninety days. 0.19% of the stock is currently owned by company insiders.

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.