AAFMAA Wealth Management & Trust LLC raised its position in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 38.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,141 shares of the semiconductor company’s stock after acquiring an additional 3,077 shares during the period. AAFMAA Wealth Management & Trust LLC’s holdings in Marvell Technology were worth $686,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Invesco Ltd. increased its position in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC boosted its position in shares of Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Wellington Management Group LLP raised its position in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC raised its position in Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Finally, Norges Bank bought a new position in Marvell Technology during the fourth quarter worth about $1,138,354,000. Institutional investors own 83.51% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on MRVL. Needham & Company LLC lowered their price objective on Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. B. Riley decreased their price target on Marvell Technology from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. Melius cut Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target on the stock. in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a report on Friday, May 30th. Finally, Piper Sandler restated an “overweight” rating and issued a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $94.73.
Marvell Technology Trading Up 4.9%
MRVL stock opened at $68.35 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a market cap of $59.04 billion, a P/E ratio of -40.21, a PEG ratio of 1.61 and a beta of 1.76. The business has a fifty day moving average of $58.83 and a 200-day moving average of $86.01.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the business posted $0.24 EPS. The company’s quarterly revenue was up 63.3% compared to the same quarter last year. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -42.11%.
Insider Activity at Marvell Technology
In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at $2,138,125. The trade was a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock worth $2,079,948 over the last ninety days. Company insiders own 0.19% of the company’s stock.
Marvell Technology 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.
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