Skandinaviska Enskilda Banken AB publ Has $16.51 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Skandinaviska Enskilda Banken AB publ has increased its ownership in Marvell Technology, Inc. by 33.8%, now holding approximately $16.51 million worth of shares in the company.
• A recent quarterly earnings report revealed Marvell Technology's revenue increased by 63.3% year-over-year, boasting earnings per share of $0.62, surpassing analysts' expectations.
• The company declared a quarterly dividend of $0.06 per share, with an ex-dividend date of July 11th, representing a 0.32% dividend yield.

Skandinaviska Enskilda Banken AB publ increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 33.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 268,166 shares of the semiconductor company's stock after buying an additional 67,683 shares during the period. Skandinaviska Enskilda Banken AB publ's holdings in Marvell Technology were worth $16,507,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MRVL. Hughes Financial Services LLC bought a new stake in Marvell Technology during the 1st quarter worth about $26,000. Rossby Financial LCC bought a new stake in Marvell Technology during the 1st quarter worth about $27,000. Security National Bank bought a new stake in Marvell Technology during the 1st quarter worth about $31,000. Capital Analysts LLC grew its holdings in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after acquiring an additional 241 shares during the last quarter. Finally, Garde Capital Inc. bought a new stake in Marvell Technology during the 1st quarter worth about $39,000. Institutional investors own 83.51% of the company's stock.

Insider Activity

In related news, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the transaction, the executive vice president directly owned 17,163 shares of the company's stock, valued at approximately $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer directly owned 92,065 shares of the company's stock, valued at $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 17,934 shares of company stock valued at $1,187,826 over the last three months. Corporate insiders own 0.19% of the company's stock.

Marvell Technology Price Performance

Shares of MRVL opened at $74.21 on Friday. The stock has a market capitalization of $64.10 billion, a P/E ratio of -130.19, a P/E/G ratio of 0.80 and a beta of 1.81. Marvell Technology, Inc. has a twelve month low of $47.08 and a twelve month high of $127.48. The company has a 50 day moving average of $69.95 and a 200-day moving average of $77.67. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly 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. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations 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 quarterly revenue was up 63.3% on a year-over-year basis. During the same period last year, the business earned $0.24 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology's dividend payout ratio is presently -42.11%.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of research analyst reports. China Renaissance initiated coverage on shares of Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective on the stock. KeyCorp cut their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Deutsche Bank Aktiengesellschaft cut their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Morgan Stanley upped their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a research report on Friday, May 30th. Finally, UBS Group restated a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $94.47.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.