Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Raymond James & Associates

Raymond James & Associates raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 3.3% during the 1st quarter, Holdings Channel reports. The firm owned 951,090 shares of the semiconductor company’s stock after acquiring an additional 30,458 shares during the quarter. Raymond James & Associates’ holdings in Marvell Technology were worth $67,413,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Buck Wealth Strategies LLC increased its stake in Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 425 shares during the last quarter. SJS Investment Consulting Inc. increased its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the period. BluePath Capital Management LLC acquired a new position in Marvell Technology during the third quarter valued at approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group grew its stake in Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the transaction, 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. Over the last ninety days, insiders sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Barclays lifted their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. Evercore ISI assumed coverage on Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target on the stock. Morgan Stanley upped their price target on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, TD Cowen upped their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $1.84 during trading on Friday, reaching $68.51. The stock had a trading volume of 9,011,548 shares, compared to its average volume of 11,829,374. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The stock has a market cap of $59.33 billion, a PE ratio of -63.43, a P/E/G ratio of 4.88 and a beta of 1.48. Marvell Technology, Inc. has a one year low of $38.63 and a one year high of $85.76. The firm’s 50 day moving average price is $69.85 and its two-hundred day moving average price is $63.12.

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 the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. On average, research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its Board of Directors has initiated a share buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s payout ratio is currently -22.22%.

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 and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.