Allworth Financial LP raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 10.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,787 shares of the semiconductor company’s stock after buying an additional 260 shares during the period. Allworth Financial LP’s holdings in Marvell Technology were worth $103,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Fisher Asset Management LLC lifted its position in Marvell Technology by 2,626.8% during the 3rd quarter. Fisher Asset Management LLC now owns 11,556,965 shares of the semiconductor company’s stock worth $495,909,000 after acquiring an additional 11,133,134 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Marvell Technology by 16.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 36,482,866 shares of the semiconductor company’s stock valued at $1,588,099,000 after acquiring an additional 5,070,739 shares during the last quarter. Fred Alger Management LLC bought a new position in shares of Marvell Technology during the third quarter worth $142,412,000. Voya Investment Management LLC acquired a new stake in shares of Marvell Technology during the second quarter worth $118,853,000. Finally, Renaissance Technologies LLC acquired a new stake in Marvell Technology in the 2nd quarter valued at $113,206,000. Institutional investors and hedge funds own 81.28% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the stock. Citigroup decreased their price objective on shares of Marvell Technology from $65.00 to $58.00 in a research report on Friday, March 3rd. Credit Suisse Group reduced their price objective on shares of Marvell Technology from $56.00 to $53.00 and set an “outperform” rating on the stock in a research note on Friday, March 3rd. KeyCorp lowered their price objective on shares of Marvell Technology from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, March 3rd. Rosenblatt Securities lowered their target price on shares of Marvell Technology from $125.00 to $100.00 in a report on Friday, March 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $50.00 target price on shares of Marvell Technology in a research report on Friday, March 3rd. Three research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.54.
Marvell Technology Stock Performance
Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.41 billion. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The business’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS. As a group, research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.
Marvell Technology Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Wednesday, April 5th. Marvell Technology’s payout ratio is currently -126.32%.
Insider Buying and Selling
In related news, EVP Dan Christman sold 6,778 shares of the stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $46.05, for a total transaction of $312,126.90. Following the sale, the executive vice president now owns 85,425 shares in the company, valued at approximately $3,933,821.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, EVP Dan Christman sold 6,778 shares of the firm’s stock in a transaction dated Thursday, February 9th. The stock was sold at an average price of $46.05, for a total value of $312,126.90. Following the completion of the sale, the executive vice president now owns 85,425 shares of the company’s stock, valued at $3,933,821.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Willem A. Meintjes sold 10,000 shares of Marvell Technology stock in a transaction dated Friday, January 6th. The stock was sold at an average price of $34.92, for a total value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company’s stock, valued at approximately $2,545,528.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,978 shares of company stock valued at $2,881,891. 0.45% of the stock is owned by corporate insiders.
Marvell Technology Company Profile
Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.
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