Vanguard Group Inc. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Vanguard Group Inc. increased its stake in Marvell Technology by 1.9% in the first quarter, owning approximately 7.38% of the company, worth about $3.93 billion.
• Marvell Technology's stock currently holds an average rating of "Moderate Buy" from analysts with an average price target of $94.70.
• The company reported a 63.3% year-over-year revenue increase for the quarter, with earnings per share beating consensus estimates by a margin of $0.01.

Vanguard Group Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,770,122 shares of the semiconductor company's stock after purchasing an additional 1,212,338 shares during the quarter. Vanguard Group Inc. owned approximately 7.38% of Marvell Technology worth $3,926,326,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its position in Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares in the last quarter. Westwood Holdings Group Inc. increased its position in Marvell Technology by 70.7% in the 1st quarter. Westwood Holdings Group Inc. now owns 876,710 shares of the semiconductor company's stock valued at $53,979,000 after acquiring an additional 363,191 shares during the period. Vision Financial Markets LLC acquired a new position in Marvell Technology in the 1st quarter valued at approximately $28,000. Financial Connections Group Inc. increased its position in Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 388 shares during the period. Finally, iA Global Asset Management Inc. increased its position in Marvell Technology by 2.0% in the 1st quarter. iA Global Asset Management Inc. now owns 102,009 shares of the semiconductor company's stock valued at $6,281,000 after acquiring an additional 1,962 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MRVL has been the subject of several recent research reports. Morgan Stanley restated an "equal weight" rating on shares of Marvell Technology in a research report on Friday. Melius cut shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. Citigroup decreased their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. KeyCorp decreased their price target on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Finally, The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a research report on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price target for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Stock Up 2.0%

Shares of Marvell Technology stock traded up $1.49 during trading hours on Friday, reaching $77.34. The company's stock had a trading volume of 9,947,838 shares, compared to its average volume of 16,874,638. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48. The company has a market capitalization of $66.81 billion, a P/E ratio of -135.68, a P/E/G ratio of 0.82 and a beta of 1.83. The stock's fifty day simple moving average is $72.98 and its two-hundred day simple moving average is $74.79. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

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

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Friday, July 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, 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 value of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, June 16th. The shares were 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 directly owned 121,348 shares in the company, valued at $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 16,434 shares of company stock valued at $1,097,826 over the last ninety days. 0.19% of the stock is currently owned by corporate insiders.

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.