Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Primecap Management Co. CA

Key Points

• Primecap Management Co. has increased its holdings in Marvell Technology, Inc. by 3.2%, now owning approximately 2.16 million shares valued at $133.3 million.
• Marvell Technology reported $1.90 billion in revenue for the last quarter, exceeding analysts' expectations and marking a 63.3% year-over-year increase.
• Several analysts have adjusted their target price for Marvell Technology, with Barclays cutting it from $130 to $80, while UBS reiterated a "buy" rating on the stock.

Primecap Management Co. CA grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,164,730 shares of the semiconductor company's stock after buying an additional 66,300 shares during the period. Primecap Management Co. CA owned 0.25% of Marvell Technology worth $133,282,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Marvell Technology by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. increased its stake in Marvell Technology by 2.2% in the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after purchasing an additional 423,892 shares during the last quarter. Janus Henderson Group PLC lifted its position in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after buying an additional 857,087 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after buying an additional 6,543,132 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value 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 $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark Casper sold 3,000 shares of the business's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 16,434 shares of company stock worth $1,097,826. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Up 0.7%

Shares of NASDAQ:MRVL traded up $0.53 during midday trading on Thursday, reaching $75.85. The company had a trading volume of 14,602,382 shares, compared to its average volume of 16,720,357. The stock has a market capitalization of $65.52 billion, a P/E ratio of -133.07, a PEG ratio of 0.82 and a beta of 1.83. The stock's fifty day moving average price is $72.62 and its 200-day moving average price is $75.11. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping 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 company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The company's revenue was up 63.3% on a year-over-year basis. Equities research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Analysts Set New Price Targets

MRVL has been the subject of a number of research analyst reports. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Morgan Stanley upped their price target on shares of Marvell Technology from $73.00 to $80.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 30th. Melius Research increased their price target on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Wall Street Zen cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Citigroup dropped their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

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.