Wedmont Private Capital increased its holding in Marvell Technology Inc. (NASDAQ:MRVL – free report ) by 12.4% during the first quarter, according to the firm’s latest filing with the Securities and Exchange Commission (SEC). The firm now owns 4,809 shares of the semiconductor company, acquiring an additional 532 shares during the quarter. Wedmont Private Capital’s holding in Marvell Technology was worth $353,000 at the end of the most recent quarter.
A number of other hedge funds and institutional investors have also bought and sold shares of MRVL recently. Norges Bank acquired a new stake in Marvell Technology in the fourth quarter, valued at approximately $511,215,000. Matrix Capital Management Company LP increased its holding in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock, valued at $712.72 million, after purchasing an additional 4,634,127 shares in the last quarter. Brown Advisory LLC increased its holding in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory LLC now owns 14,764,957 shares of the semiconductor company’s stock, valued at $890,475,000, after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd increased its holdings in Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now holds 5,712,564 shares of the semiconductor company’s stock, valued at $344,525,000, after purchasing an additional 2,908,912 shares in the last quarter. Finally, Wellington Management Group LLP increased its holdings in Marvell Technology by 87.0% during the third quarter. Wellington Management Group LLP now holds 4,548,206 shares of the semiconductor company’s stock, valued at $246,194,000, after purchasing an additional 2,115,366 shares in the last quarter. 83.51% of the stock is now held by hedge funds and other institutional investors.
Marvell Technology shares fell 1.8%
MRVL shares opened trading at $71.89 on Friday. The company has a market cap of $62.23 billion, a P/E ratio of -63.62, a P/G ratio of 3.47 and a beta of 1.46. Marvell Technology, Inc.’s one-year low and high are $46.07 and $85.76, respectively. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock’s 50-day moving average price is $70.00 and its 200-day moving average price is $67.75.
Marvell Technology (NASDAQ:MRVL – Get free report ) released its quarterly earnings report on Thursday, May 30th. The semiconductor company reported quarterly EPS of $0.24, in line with analysts’ consensus estimates of $0.24. Marvell Technology’s ROE was positive 4.51%, while its net margin was negative 18.33%. The company’s quarterly revenue was $1.16 billion, beating the consensus estimate of $1.15 billion. Year-over-year earnings per share were $0.17. Marvell Technology’s quarterly revenue was down 12.2% year-over-year. Sell-side analysts expect Marvell Technology, Inc. to post EPS of $0.75 for the current fiscal year.
Marvel Technology Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. This equates to an annualized dividend of $0.24 and a yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -21.24%.
Marvell Technology announced that its board of directors on Thursday, March 7, initiated a share repurchase plan that would allow the company to buy back $3 billion worth of its own stock. The buyback authorization allows the semiconductor company to purchase up to 4.8% of its own stock through open market purchases. A share repurchase plan is generally a sign that a company’s board of directors believes its stock is undervalued.
Wall Street analysts predict growth
MRVL has been the topic of several analyst reports. TD Cowen increased their price target on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Oppenheimer reaffirmed their “outperform” rating and increased their price target from $80.00 to $90.00 in a research report on Friday, May 31st. Citigroup reaffirmed a “buy” rating and increased their price target to $91.00 for Marvell Technology in a research report on Wednesday, March 27th. Finally, Ross Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12. One equities research analyst has rated the stock with a sell rating, one has a hold rating, and 21 have given a buy rating. Based on data from MarketBeat.com, the company’s stock currently has an average rating of a “moderate buy” with a consensus target price of $85.00.
Get the latest Marvell technology reports
Insider Trading at Marvel Technology
In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction value of $71,500.00. Following the sale, the CFO now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The sale was disclosed in a legal filing with the Securities and Exchange Commission, which can be accessed on the SEC’s website. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction value of $356,250.00. Following the sale, the Executive Vice President now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Additionally, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on 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 sold 79,500 shares of the company’s stock during the quarter, valued at $5,504,065. 0.33% of the stock is owned by company insiders.
About Marvel Technology
(Free report)
Marvell Technology, Inc., together with its subsidiaries, provides data infrastructure semiconductor solutions ranging from the data center core to the network edge. The company develops and scales complex system-on-chip architectures that integrate analog, mixed-signal, and digital signal processing capabilities.
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