Raymond James & Associates Raises Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James & Associates increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.3% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 951,090 shares of the semiconductor company's stock after purchasing an additional 30,458 shares during the period. Raymond James & Associates owned 0.11% of Marvell Technology worth $67,413,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its position in Marvell Technology by 6.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company's stock worth $10,330,000 after buying an additional 10,916 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in Marvell Technology by 12.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company's stock worth $3,903,000 after purchasing an additional 8,263 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Marvell Technology by 59.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company's stock worth $4,761,000 after purchasing an additional 32,908 shares in the last quarter. Xponance Inc. boosted its holdings in Marvell Technology by 10.1% in the 3rd quarter. Xponance Inc. now owns 33,043 shares of the semiconductor company's stock valued at $1,789,000 after purchasing an additional 3,028 shares during the period. Finally, Raymond James Financial Services Advisors Inc. boosted its stake in shares of Marvell Technology by 12.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 202,043 shares of the semiconductor company's stock valued at $10,937,000 after buying an additional 21,845 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Trading Up 2.8 %

MRVL traded up $1.84 during midday trading on Friday, hitting $68.51. 9,011,548 shares of the company were exchanged, compared to its average volume of 11,829,374. The firm's 50 day moving average price is $69.85 and its 200-day moving average price is $63.12. Marvell Technology, Inc. has a 1-year low of $38.63 and a 1-year high of $85.76. The firm has a market capitalization of $59.33 billion, a P/E ratio of -63.43, a P/E/G ratio of 4.88 and a beta of 1.48. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts' consensus estimates of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm's quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its board has approved a stock buyback plan on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology's dividend payout ratio is presently -22.22%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the company's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm's stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the sale, the chief financial officer now owns 101,986 shares of the company's stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,473,805 over the last quarter. Company insiders own 0.45% of the company's stock.

Analyst Ratings Changes

Several equities analysts have weighed in on MRVL shares. B. Riley reaffirmed a "buy" rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Rosenblatt Securities reiterated a "buy" rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Monday, March 4th. UBS Group raised their target price on shares of Marvell Technology from $70.00 to $83.00 and gave the company a "buy" rating in a report on Monday, February 26th. Cantor Fitzgerald reiterated an "overweight" rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Evercore ISI initiated coverage on Marvell Technology in a research note on Tuesday, April 16th. They set an "outperform" rating and a $88.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.13.

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.