Prudential PLC Has $10.97 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Prudential PLC has increased its stake in Marvell Technology by 19.1%, now holding 178,185 shares worth approximately $10.97 million.
• Institutional investors and hedge funds own 83.51% of Marvell Technology's stock, indicating strong institutional interest in the company.
• Marvell Technology reported a quarterly earnings per share (EPS) of $0.62, surpassing analyst estimates, with revenue of $1.90 billion, marking a 63.3% increase year-over-year.

Prudential PLC raised its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 19.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 178,185 shares of the semiconductor company's stock after purchasing an additional 28,561 shares during the period. Prudential PLC's holdings in Marvell Technology were worth $10,971,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Marvell Technology by 1.9% in 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. lifted its position in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. lifted its position in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after purchasing an additional 423,892 shares during the period. Janus Henderson Group PLC lifted its position in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Price Performance

MRVL opened at $77.81 on Wednesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company has a market capitalization of $67.21 billion, a price-to-earnings ratio of -136.51, a P/E/G ratio of 0.84 and a beta of 1.83. The firm's fifty day moving average price is $73.61 and its two-hundred day moving average price is $73.78. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. As a group, analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were issued a $0.06 dividend. 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 payout ratio is -42.11%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Needham & Company LLC downgraded shares of Marvell Technology from a "buy" rating to a "cautious" rating in a research report on Wednesday, July 16th. Bank of America lifted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. China Renaissance began coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a "buy" rating and a $110.00 price objective for the company. Loop Capital lowered their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Finally, Evercore ISI lowered their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at approximately $2,025,682. The trade was a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $64.75, for a total transaction of $97,125.00. Following the completion of the transaction, the chief financial officer directly owned 122,848 shares in the company, valued at $7,954,408. This trade represents a 1.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,148 shares of company stock valued at $1,014,236 over the last quarter. Corporate insiders own 0.33% of the company's stock.

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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