Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank has increased its holdings in Marvell Technology, acquiring an additional 50,501 shares during the first quarter, totaling 243,890 shares valued at approximately $15 million.
• Marvell Technology reported a 63.3% year-over-year increase in revenue, reaching $1.90 billion and earnings per share of $0.62, beating estimates by $0.01.
• The firm has declared a quarterly dividend of $0.06 per share, with an expected annualized yield of 0.31%, set to be paid on July 31st.

Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 26.1% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 243,890 shares of the semiconductor company's stock after acquiring an additional 50,501 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Marvell Technology were worth $15,016,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hughes Financial Services LLC bought a new position in shares of Marvell Technology in the first quarter worth about $26,000. Rossby Financial LCC bought a new stake in Marvell Technology during the first quarter worth about $27,000. Security National Bank bought a new stake in Marvell Technology during the 1st quarter worth approximately $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 position in Marvell Technology in the 1st quarter valued at $39,000. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the topic of several recent analyst reports. Bank of America lifted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Redburn Atlantic assumed coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price on the stock. Citigroup decreased their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. 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. Finally, Raymond James Financial restated an "outperform" rating and set a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $94.70.

Insider Activity

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 value of $217,050.00. Following the transaction, the executive vice president directly owned 17,163 shares of the company's stock, valued at $1,241,743.05. The trade was a 14.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction 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. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 17,934 shares of company stock valued at $1,187,826 over the last quarter. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Trading Up 7.1%

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

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 (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business 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 company's revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.24 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given 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 0.29%. Marvell Technology's dividend payout ratio is presently -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.