Pallas Capital Advisors LLC Has $4.79 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Pallas Capital Advisors LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 51.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 77,835 shares of the semiconductor company’s stock after purchasing an additional 26,488 shares during the quarter. Pallas Capital Advisors LLC’s holdings in Marvell Technology were worth $4,792,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Janus Henderson Group PLC raised 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 during the last quarter. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC boosted its holdings in Marvell Technology by 0.7% during 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 buying an additional 80,005 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on MRVL shares. UBS Group reiterated a “buy” rating on shares of Marvell Technology in a report on Monday, June 2nd. Deutsche Bank Aktiengesellschaft 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 report on Friday, May 30th. Bank of America lowered their price target on Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Melius cut shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research note on Thursday, May 22nd. Finally, Redburn Atlantic started coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They issued a “neutral” rating and a $67.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $94.73.

Insider Transactions at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on 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 transaction, the chief operating officer now owns 81,931 shares of the company’s stock, valued at $5,639,310.73. This represents a 6.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 626 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the transaction, the executive vice president now directly owns 626 shares of the company’s stock, valued at approximately $38,248.60. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Marvell Technology stock opened at $68.35 on Monday. The firm has a market cap of $59.04 billion, a PE ratio of -40.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock’s fifty day moving average price is $58.83 and its two-hundred day moving average price is $85.94. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last posted 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 negative net margin of 27.49% and a positive return on equity of 4.59%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the business posted $0.24 earnings per share. Marvell Technology’s revenue was up 63.3% compared to the same quarter last year. As a group, research analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced 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. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date was Friday, April 11th. Marvell Technology’s payout ratio is -42.11%.

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.