Nilsine Partners LLC Acquires Shares of 3,175 Marvell Technology, Inc. (NASDAQ:MRVL)

Nilsine Partners LLC acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 3,175 shares of the semiconductor company’s stock, valued at approximately $225,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA boosted its stake in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after acquiring an additional 2,142,391 shares during the last quarter. Kingswood Wealth Advisors LLC raised its holdings in Marvell Technology by 328.3% in the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC raised its holdings in Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC raised its holdings in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. raised its holdings in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares during the period. 83.51% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on MRVL. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. TD Cowen increased their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Evercore ISI initiated coverage on shares of Marvell Technology in a report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Finally, Raymond James raised their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Stock Down 4.1 %

Marvell Technology stock traded down $2.84 during mid-day trading on Tuesday, reaching $65.91. The company’s stock had a trading volume of 12,777,081 shares, compared to its average volume of 13,910,771. The company has a market capitalization of $57.08 billion, a price-to-earnings ratio of -61.03, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 12 month low of $38.63 and a 12 month high of $85.76. The business’s 50 day simple moving average is $69.93 and its 200 day simple moving average is $62.92. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology announced that its Board of Directors has approved a stock repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the transaction, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,477,515 in the last quarter. Company insiders own 0.45% of the company’s stock.

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.