Resona Asset Management Co. Ltd. Grows Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Resona Asset Management Co. Ltd. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 271,385 shares of the semiconductor company's stock after buying an additional 18,130 shares during the period. Resona Asset Management Co. Ltd.'s holdings in Marvell Technology were worth $16,726,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. Coldstream Capital Management Inc. raised its stake in shares of Marvell Technology by 1.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock valued at $1,253,000 after acquiring an additional 116 shares in the last quarter. Virtue Capital Management LLC raised its stake in shares of Marvell Technology by 2.1% in the fourth quarter. Virtue Capital Management LLC now owns 7,752 shares of the semiconductor company's stock valued at $856,000 after acquiring an additional 163 shares in the last quarter. Kolinsky Wealth Management LLC raised its stake in shares of Marvell Technology by 3.3% in the fourth quarter. Kolinsky Wealth Management LLC now owns 5,628 shares of the semiconductor company's stock valued at $622,000 after acquiring an additional 181 shares in the last quarter. Alta Advisers Ltd raised its stake in shares of Marvell Technology by 7.3% in the fourth quarter. Alta Advisers Ltd now owns 2,898 shares of the semiconductor company's stock valued at $320,000 after acquiring an additional 198 shares in the last quarter. Finally, Denali Advisors LLC raised its stake in shares of Marvell Technology by 2.3% in the first quarter. Denali Advisors LLC now owns 8,713 shares of the semiconductor company's stock valued at $536,000 after acquiring an additional 200 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of MRVL opened at $77.81 on Wednesday. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48. The stock's 50 day moving average is $73.61 and its two-hundred day moving average is $73.78. The firm has a market capitalization of $67.21 billion, a PE ratio of -136.51, a P/E/G ratio of 0.84 and a beta of 1.83. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the company earned $0.24 EPS. The firm's revenue for the quarter was up 63.3% compared to the same quarter last year. Research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared 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. The ex-dividend date of this dividend was Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on MRVL shares. Bank of America increased their price objective on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. TD Cowen increased their price objective on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, May 30th. Rosenblatt Securities restated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. Cantor Fitzgerald raised their price target on Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Finally, Susquehanna cut their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research note on Tuesday, May 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.70.

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at $2,025,682. The trade was a 4.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, the chief financial officer directly owned 121,348 shares in the company, valued at $8,314,764.96. This trade represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 15,148 shares of company stock worth $1,014,236 over the last quarter. 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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