Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Tredje AP fonden

Key Points

• Tredje AP fonden significantly increased its stake in Marvell Technology, Inc. by 892.7% during the first quarter, owning approximately $48.90 million worth of shares as of the latest SEC filing.
• Multiple institutional investors have also altered their stakes in Marvell, with some increasing their holdings by over 1,480%, highlighting a trend of growing interest from large investors.
• Marvell Technology announced a quarterly dividend of $0.06 per share, reflecting an annualized dividend yield of 0.31% despite a negative net margin.

Tredje AP fonden lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 892.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 794,160 shares of the semiconductor company's stock after acquiring an additional 714,160 shares during the period. Tredje AP fonden owned 0.09% of Marvell Technology worth $48,896,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology during the fourth quarter worth about $234,000. Dynamic Advisor Solutions LLC boosted its holdings in shares of Marvell Technology by 5.0% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after purchasing an additional 206 shares during the last quarter. Yousif Capital Management LLC boosted its holdings in shares of Marvell Technology by 8.4% during the 1st quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after purchasing an additional 1,164 shares during the last quarter. Sargent Investment Group LLC boosted its holdings in shares of Marvell Technology by 55.7% during the 1st quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after purchasing an additional 4,792 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its holdings in shares of Marvell Technology by 1,480.2% during the 1st quarter. Edgestream Partners L.P. now owns 60,853 shares of the semiconductor company's stock worth $3,747,000 after purchasing an additional 57,002 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research note on Thursday, May 22nd. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a research report on Wednesday, June 18th. Cantor Fitzgerald boosted their price target on shares of Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research report on Wednesday, June 18th. Melius Research boosted their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a report on Wednesday, June 18th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $94.70.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the sale, the executive vice president owned 17,163 shares in the company, valued at approximately $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,934 shares of company stock worth $1,187,826 in the last ninety days. Company insiders own 0.19% of the company's stock.

Marvell Technology Stock Up 7.1%

Marvell Technology stock traded up $5.40 during midday trading on Wednesday, reaching $81.74. The company's stock had a trading volume of 45,363,568 shares, compared to its average volume of 15,088,178. Marvell Technology, Inc. has a fifty-two week low of $47.08 and a fifty-two week high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company has a market cap of $70.61 billion, a P/E ratio of -143.40, a P/E/G ratio of 0.83 and a beta of 1.81. The business has a 50-day simple moving average of $70.51 and a 200-day simple moving average of $76.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its 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. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the company earned $0.24 EPS. The business's quarterly revenue was up 63.3% on a year-over-year basis. On average, research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. Marvell Technology's payout ratio is currently -42.11%.

Marvell Technology Company 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.