Redwood Wealth Management Group LLC Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Redwood Wealth Management Group LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 187.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,548 shares of the semiconductor company's stock after acquiring an additional 10,799 shares during the quarter. Redwood Wealth Management Group LLC's holdings in Marvell Technology were worth $1,019,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $802,410,000. Nuveen Asset Management LLC boosted its holdings in Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its holdings in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the completion of the sale, the chief financial officer now owns 124,348 shares in the company, valued at approximately $7,460,880. The trade was a 1.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock valued at $1,656,076 over the last ninety days. 0.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent research reports. Wells Fargo & Company reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Citigroup decreased their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Raymond James Financial reissued an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. TD Cowen upped their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Finally, Evercore ISI decreased their target price on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Stock Up 7.1%

NASDAQ MRVL traded up $4.96 during trading on Thursday, hitting $74.95. The stock had a trading volume of 55,279,712 shares, compared to its average volume of 15,033,239. 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's 50-day moving average price is $61.17 and its two-hundred day moving average price is $84.80. The company has a market capitalization of $64.74 billion, a PE ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

About Marvell Technology

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.