Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by WD Rutherford LLC

WD Rutherford LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 25.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 31,447 shares of the semiconductor company's stock after buying an additional 6,289 shares during the quarter. WD Rutherford LLC's holdings in Marvell Technology were worth $1,936,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in Marvell Technology in the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth $802,410,000. Nuveen Asset Management LLC increased its position in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP raised its holdings in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. boosted its stake in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. B. Riley upped their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a report on Wednesday. TD Cowen boosted their target price on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Evercore ISI decreased their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Raymond James Financial restated an "outperform" rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Bank of America lifted their price objective on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday. Seven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.33.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. The trade was a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock worth $1,656,076 in the last 90 days. 0.19% of the stock is owned by insiders.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $4.96 during mid-day trading on Wednesday, hitting $74.95. 55,279,712 shares of the stock were exchanged, compared to its average volume of 15,033,232. The stock's fifty day simple moving average is $61.17 and its two-hundred day simple moving average is $84.80. 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, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The stock has a market capitalization of $64.74 billion, a price-to-earnings ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm 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%. The business's revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The firm 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. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology's payout ratio is -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.