Salem Investment Counselors Inc. Has $372,000 Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Salem Investment Counselors Inc. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 164.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,035 shares of the semiconductor company's stock after purchasing an additional 3,753 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Marvell Technology were worth $372,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MRVL. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology in the 4th quarter valued at $234,000. Everhart Financial Group Inc. bought a new position in shares of Marvell Technology in the fourth quarter worth $437,000. Union Bancaire Privee UBP SA acquired a new position in Marvell Technology in the fourth quarter valued at about $16,699,000. CIBC Asset Management Inc lifted its position in Marvell Technology by 3.5% during the fourth quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock worth $21,770,000 after purchasing an additional 6,699 shares during the period. Finally, WD Rutherford LLC grew its stake in Marvell Technology by 37.7% during the fourth quarter. WD Rutherford LLC now owns 25,158 shares of the semiconductor company's stock worth $2,779,000 after buying an additional 6,892 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of the company's 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 33,541 shares of company stock valued at $2,079,948 in the last three months. 0.19% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MRVL. Melius Research lowered Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research report on Thursday, May 22nd. Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Bank of America dropped their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a report on Wednesday, April 16th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a report on Friday, May 30th. Finally, Benchmark restated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $94.73.

Marvell Technology Stock Down 3.5%

NASDAQ:MRVL traded down $2.45 on Friday, hitting $67.19. 14,146,733 shares of the company's stock traded hands, compared to its average volume of 14,730,268. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market cap of $58.04 billion, a PE ratio of -39.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The firm has a 50-day moving average price of $60.30 and a 200-day moving average price of $85.20. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued 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. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the prior year, the company posted $0.24 earnings per share. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. Equities analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. Marvell Technology's payout ratio 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.