Federated Hermes Inc. Has $4.14 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Posted by Defense World Staff on Aug 15th, 2023

Federated Hermes Inc. reduced its holdings in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 38.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 95,545 shares of the semiconductor company’s stock after selling 58,664 shares during the period. Federated Hermes Inc.’s holdings in Marvell Technology were worth $4,137,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Moneta Group Investment Advisors LLC increased its stake in Marvell Technology by 118,898.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after purchasing an additional 62,400,056 shares in the last quarter. Norges Bank bought a new stake in Marvell Technology in the fourth quarter valued at approximately $188,566,000. Atreides Management LP increased its stake in Marvell Technology by 188.2% in the fourth quarter. Atreides Management LP now owns 4,236,929 shares of the semiconductor company’s stock valued at $156,936,000 after purchasing an additional 2,766,866 shares in the last quarter. Two Sigma Investments LP bought a new stake in shares of Marvell Technology during the fourth quarter worth $87,647,000. Finally, Fred Alger Management LLC increased its position in shares of Marvell Technology by 69.0% during the fourth quarter. Fred Alger Management LLC now owns 5,609,779 shares of the semiconductor company’s stock worth $207,786,000 after acquiring an additional 2,290,919 shares in the last quarter. 86.04% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $59.57 on Tuesday. The firm has a 50-day moving average of $61.59 and a 200-day moving average of $50.01. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.71 and a current ratio of 1.05. Marvell Technology, Inc. has a 52-week low of $33.75 and a 52-week high of $67.99.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Marvell Technology had a negative net margin of 2.88% and a positive return on equity of 7.38%. Marvell Technology’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.37 EPS. On average, research analysts forecast that Marvell Technology, Inc. will post 0.86 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. The ex-dividend date was Thursday, July 6th. Marvell Technology’s dividend payout ratio is -126.32%.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $63.56, for a total transaction of $127,120.00. Following the transaction, the executive vice president now directly owns 138,737 shares of the company’s stock, valued at $8,818,123.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, EVP Chris Koopmans sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $63.56, for a total transaction of $127,120.00. Following the transaction, the executive vice president now directly owns 138,737 shares of the company’s stock, valued at $8,818,123.72. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $65.45, for a total transaction of $327,250.00. Following the transaction, the director now directly owns 31,389 shares in the company, valued at $2,054,410.05. The disclosure for this sale can be found here. Over the last three months, insiders have sold 198,521 shares of company stock valued at $12,035,275. 0.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MRVL shares. Wolfe Research started coverage on shares of Marvell Technology in a research report on Wednesday, July 19th. They set an “outperform” rating and a $80.00 price objective for the company. Needham & Company LLC raised their target price on shares of Marvell Technology from $50.00 to $65.00 in a research report on Friday, May 26th. Wells Fargo & Company raised their target price on shares of Marvell Technology from $54.00 to $65.00 in a research report on Friday, May 26th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Marvell Technology from $50.00 to $65.00 in a research report on Friday, May 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Marvell Technology from $60.00 to $70.00 in a research report on Friday, May 26th. Three research analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.56.

Read Our Latest Stock Analysis on MRVL

Marvell Technology Company Profile

(Free Report)

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.