Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by HCR Wealth Advisors

HCR Wealth Advisors lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 10.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,377 shares of the semiconductor company’s stock after purchasing an additional 1,000 shares during the quarter. HCR Wealth Advisors’ holdings in Marvell Technology were worth $639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter valued at $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth about $27,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology in the 4th quarter valued at about $35,000. Capital Analysts LLC boosted its stake in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 241 shares during the period. Finally, Chelsea Counsel Co. bought a new position in Marvell Technology in the 4th quarter worth about $44,000. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Susquehanna reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a research report on Tuesday, May 27th. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. B. Riley raised their price target on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Finally, Stifel Nicolaus lowered their target price on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. 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, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Price Performance

NASDAQ MRVL opened at $74.95 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market cap of $64.74 billion, a PE ratio of -131.49, a PEG ratio of 0.76 and a beta of 1.76. The stock’s 50-day moving average price is $61.17 and its two-hundred day moving average price is $84.80.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the firm earned $0.24 EPS. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s payout ratio is -42.11%.

Insider Buying and Selling

In other news, EVP Mark Casper sold 626 shares of the business’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate 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.