Bessemer Group Inc. cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 79.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,019 shares of the semiconductor company’s stock after selling 22,585 shares during the quarter. Bessemer Group Inc.’s holdings in Marvell Technology were worth $260,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LPL Financial LLC boosted its holdings in Marvell Technology by 15.7% during the first quarter. LPL Financial LLC now owns 267,658 shares of the semiconductor company’s stock worth $11,590,000 after purchasing an additional 36,319 shares during the last quarter. Tocqueville Asset Management L.P. boosted its stake in Marvell Technology by 56.4% in the first quarter. Tocqueville Asset Management L.P. now owns 387,560 shares of the semiconductor company’s stock valued at $16,781,000 after acquiring an additional 139,800 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC boosted its stake in Marvell Technology by 26.3% in the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 7,671 shares of the semiconductor company’s stock valued at $332,000 after acquiring an additional 1,595 shares during the last quarter. Pictet Asset Management SA boosted its stake in Marvell Technology by 56.8% in the first quarter. Pictet Asset Management SA now owns 8,534,218 shares of the semiconductor company’s stock valued at $369,532,000 after acquiring an additional 3,092,427 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in Marvell Technology in the first quarter valued at about $7,358,000. 86.04% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms have weighed in on MRVL. StockNews.com began coverage on shares of Marvell Technology in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Needham & Company LLC boosted their target price on shares of Marvell Technology from $50.00 to $65.00 in a research note on Friday, May 26th. Raymond James boosted their price target on shares of Marvell Technology from $50.00 to $64.00 in a research report on Friday, May 26th. JPMorgan Chase & Co. boosted their price target on shares of Marvell Technology from $60.00 to $70.00 in a research report on Friday, May 26th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Marvell Technology from $50.00 to $65.00 in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $66.78.
Insider Activity at Marvell Technology
In related news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Thursday, July 13th. The shares were sold at an average price of $65.45, for a total transaction of $327,250.00. Following the transaction, the director now owns 31,389 shares of the company’s stock, valued at approximately $2,054,410.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 12,000 shares of the firm’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $60.05, for a total value of $720,600.00. Following the sale, the executive vice president now owns 879 shares of the company’s stock, valued at approximately $52,783.95. The sale 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 on Thursday, July 13th. The stock was sold at an average price of $65.45, for a total transaction of $327,250.00. Following the completion of the sale, the director now directly owns 31,389 shares in the company, valued at approximately $2,054,410.05. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 224,521 shares of company stock valued at $13,648,595. Insiders own 0.45% of the company’s stock.
Marvell Technology Trading Up 3.2 %
Marvell Technology stock opened at $61.50 on Thursday. The firm’s fifty day moving average price is $61.32 and its 200-day moving average price is $50.65. 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 fifty-two week low of $33.75 and a fifty-two week high of $67.99.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. Marvell Technology had a negative net margin of 2.88% and a positive return on equity of 7.38%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.30 billion. During the same quarter last year, the company posted $0.37 EPS. The business’s quarterly revenue was down 8.7% on a year-over-year basis. Equities research analysts forecast that Marvell Technology, Inc. will post 0.86 earnings per share for the current year.
Marvell Technology Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 26th. Investors of record on Friday, July 7th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. The ex-dividend date was Thursday, July 6th. Marvell Technology’s dividend payout ratio is currently -126.32%.
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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.
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