Hennion & Walsh Asset Management Inc. lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 7.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 14,195 shares of the semiconductor company’s stock after purchasing an additional 1,016 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Marvell Technology were worth $874,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in MRVL. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology during the 4th quarter worth approximately $27,000. Lee Danner & Bass Inc. purchased a new stake in shares of Marvell Technology during the fourth quarter worth $35,000. GHP Investment Advisors Inc. increased its holdings in Marvell Technology by 48.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 112 shares during the period. Finally, Capital Analysts LLC raised its holdings in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 241 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.
Marvell Technology Price Performance
Shares of NASDAQ:MRVL opened at $68.35 on Friday. The business has a fifty day simple moving average of $58.83 and a 200-day simple moving average of $85.98. 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 52 week low of $47.09 and a 52 week high of $127.48. The company has a market cap of $59.04 billion, a P/E ratio of -40.21, a P/E/G ratio of 1.61 and a beta of 1.76.
Marvell Technology Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology’s dividend payout ratio is currently -42.11%.
Analysts Set New Price Targets
A number of analysts have weighed in on MRVL shares. Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research note on Wednesday, April 16th. Needham & Company LLC decreased their target price on shares of Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Evercore ISI cut their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Piper Sandler reissued an “overweight” rating and issued a $85.00 price target (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Finally, Barclays reduced their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $94.73.
View Our Latest Research Report on MRVL
Insider Buying and Selling
In other news, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the sale, the chief operating officer now directly owns 81,931 shares of the company’s stock, valued at approximately $5,639,310.73. This represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.19% 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.
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