PNC Financial Services Group Inc. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

PNC Financial Services Group Inc. grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,503 shares of the semiconductor company's stock after purchasing an additional 3,336 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Marvell Technology were worth $4,957,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Marvell Technology during the 4th quarter worth approximately $234,000. Dynamic Advisor Solutions LLC boosted its holdings in shares of Marvell Technology by 5.0% in the first 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 period. Yousif Capital Management LLC boosted its holdings in shares of Marvell Technology by 8.4% in the first 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 during the period. Sargent Investment Group LLC grew its position in shares of Marvell Technology by 55.7% during the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after acquiring an additional 4,792 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of Marvell Technology by 1,480.2% in the 1st quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock valued at $3,747,000 after acquiring an additional 57,002 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

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, EVP Mark Casper sold 3,000 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the sale, the executive vice president owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 16,434 shares of company stock valued at $1,097,826. Company insiders own 0.19% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MRVL. Needham & Company LLC cut shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. Piper Sandler reissued an "overweight" rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Loop Capital dropped their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group initiated coverage on Marvell Technology in a research report on Thursday, July 10th. They set a "neutral" rating and a $75.00 price objective for the company. Finally, Citigroup dropped their target price on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a report on Friday, April 11th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus target price of $94.70.

Marvell Technology Stock Down 1.7%

MRVL opened at $75.32 on Thursday. 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 company has a market cap of $65.06 billion, a price-to-earnings ratio of -132.14, a PEG ratio of 0.83 and a beta of 1.83. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The business's fifty day moving average is $72.38 and its two-hundred day moving average is $75.45.

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 (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during 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 business's revenue was up 63.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.24 EPS. Analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -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.

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