GPS Wealth Strategies Group LLC Boosts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

GPS Wealth Strategies Group LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 932.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 19,644 shares of the semiconductor company’s stock after acquiring an additional 17,741 shares during the period. GPS Wealth Strategies Group LLC’s holdings in Marvell Technology were worth $1,210,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in shares of Marvell Technology by 7.9% in the 1st quarter. Fifth Third Bancorp now owns 678,728 shares of the semiconductor company’s stock worth $41,789,000 after acquiring an additional 49,482 shares during the last quarter. Simon Quick Advisors LLC increased its stake in shares of Marvell Technology by 124.3% during the first quarter. Simon Quick Advisors LLC now owns 7,023 shares of the semiconductor company’s stock valued at $432,000 after buying an additional 3,892 shares during the period. Focus Financial Network Inc. increased its position in Marvell Technology by 29.8% during the 1st quarter. Focus Financial Network Inc. now owns 5,927 shares of the semiconductor company’s stock valued at $365,000 after purchasing an additional 1,362 shares during the period. Foresight Capital Management Advisors Inc. raised its stake in Marvell Technology by 5.3% in the first quarter. Foresight Capital Management Advisors Inc. now owns 4,468 shares of the semiconductor company’s stock worth $275,000 after buying an additional 226 shares in the last quarter. Finally, Bard Financial Services Inc. boosted its position in Marvell Technology by 22.4% during the first quarter. Bard Financial Services Inc. now owns 3,995 shares of the semiconductor company’s stock valued at $246,000 after purchasing an additional 730 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 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 $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares of the company’s stock, valued at approximately $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. 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 three months. Insiders own 0.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Melius Research downgraded Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 price target on the stock. in a research report on Thursday, May 22nd. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Evercore ISI reduced their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Citigroup cut their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Finally, Morgan Stanley upped their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an “equal weight” rating in a report on Friday, May 30th. Seven equities research 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $94.73.

Marvell Technology Trading Down 0.9%

Shares of NASDAQ:MRVL opened at $68.24 on Thursday. Marvell Technology, Inc. has a 52 week low of $47.09 and a 52 week high of $127.48. The company’s 50 day moving average is $59.59 and its two-hundred day moving average is $85.54. The company has a market cap of $58.95 billion, a PE ratio of -40.14, a P/E/G ratio of 1.61 and a beta of 1.76. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. Marvell Technology’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period last year, the firm earned $0.24 earnings per share. Equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. 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%.

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.