Smith Group Asset Management LLC Buys 104,931 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Smith Group Asset Management LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 40.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 363,481 shares of the semiconductor company's stock after purchasing an additional 104,931 shares during the period. Smith Group Asset Management LLC's holdings in Marvell Technology were worth $22,380,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Intrepid Financial Planning Group LLC increased its position in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after buying an additional 90 shares during the period. PDS Planning Inc lifted its holdings in Marvell Technology by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares during the period. Private Trust Co. NA boosted its position in Marvell Technology by 2.7% during the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock valued at $414,000 after acquiring an additional 97 shares in the last quarter. Tradewinds LLC. boosted its position in Marvell Technology by 0.7% during the 4th quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock valued at $1,552,000 after acquiring an additional 101 shares in the last quarter. Finally, SRS Capital Advisors Inc. grew its holdings in shares of Marvell Technology by 19.3% during the 4th quarter. SRS Capital Advisors Inc. now owns 693 shares of the semiconductor company's stock worth $77,000 after acquiring an additional 112 shares during the period. Institutional investors own 83.51% of the company's stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred 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 sale, the chief operating officer directly owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares in the company, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by corporate insiders.

Marvell Technology Stock Performance

MRVL traded up $0.90 during mid-day trading on Thursday, reaching $75.15. 10,181,641 shares of the company traded hands, compared to its average volume of 15,609,645. The company's fifty day moving average price is $65.86 and its 200-day moving average price is $82.48. The stock has a market capitalization of $64.92 billion, a P/E ratio of -131.84, a P/E/G ratio of 0.83 and a beta of 1.81. 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, Inc. has a 52-week low of $47.09 and a 52-week 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 EPS for the quarter, beating analysts' consensus estimates 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 positive return on equity of 8.42% and a negative net margin of 7.56%. Marvell Technology's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 earnings per share. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Melius Research raised their target price on Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research note on Wednesday, June 18th. Citigroup lowered their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Morgan Stanley boosted their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Loop Capital decreased their price target 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, Needham & Company LLC reissued a "buy" rating and set a $85.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. Six investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $96.33.

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.