Azzad Asset Management Inc. ADV Purchases New Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Azzad Asset Management Inc. ADV acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the first quarter, Holdings Channel reports. The fund acquired 16,175 shares of the semiconductor company’s stock, valued at approximately $996,000.

Several other hedge funds and other institutional investors also recently modified their holdings of MRVL. Union Bancaire Privee UBP SA acquired a new position in Marvell Technology in the 4th quarter valued at $16,699,000. Asset Management One Co. Ltd. boosted its holdings in shares of Marvell Technology by 0.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 325,534 shares of the semiconductor company’s stock valued at $36,987,000 after acquiring an additional 1,301 shares in the last quarter. V Square Quantitative Management LLC increased its stake in shares of Marvell Technology by 13.2% during the fourth quarter. V Square Quantitative Management LLC now owns 10,266 shares of the semiconductor company’s stock worth $1,134,000 after acquiring an additional 1,199 shares during the period. AustralianSuper Pty Ltd purchased a new position in Marvell Technology during the fourth quarter worth about $699,000. Finally, Valeo Financial Advisors LLC lifted its position in Marvell Technology by 1.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,877 shares of the semiconductor company’s stock valued at $1,201,000 after purchasing an additional 120 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $412,980.00. Following the transaction, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This represents a 6.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,541 shares of company stock worth $2,079,948. 0.19% of the stock is owned by company insiders.

Analyst Ratings Changes

MRVL has been the subject of several recent analyst reports. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Needham & Company LLC reduced their target price on Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a report on Friday, May 30th. Benchmark reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, May 30th. Citigroup cut their price target on shares of Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, Barclays decreased their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Seven 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 data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $94.73.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $67.19 on Friday. The company has a 50-day simple moving average of $60.30 and a 200-day simple moving average of $85.17. 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 company has a market cap of $58.04 billion, a PE ratio of -39.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

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

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s payout ratio is currently -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.