Deltec Asset Management LLC Has $5.88 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Deltec Asset Management LLC raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 72.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 95,539 shares of the semiconductor company’s stock after purchasing an additional 40,000 shares during the quarter. Marvell Technology accounts for 1.2% of Deltec Asset Management LLC’s investment portfolio, making the stock its 22nd biggest holding. Deltec Asset Management LLC’s holdings in Marvell Technology were worth $5,882,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology in the fourth quarter worth $26,000. Rialto Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter worth $27,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology in the fourth quarter worth $35,000. Capital Analysts LLC boosted 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 worth $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Chelsea Counsel Co. bought a new stake in Marvell Technology in the fourth quarter worth $44,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were 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 approximately $7,460,880. The trade was a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 over the last three months. 0.19% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on MRVL. Wall Street Zen upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Saturday. Evercore ISI reduced their target price on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research note on Friday, May 30th. Morgan Stanley increased their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, May 30th. Melius Research increased their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Raymond James Financial reiterated an “outperform” rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Six analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $73.51 on Friday. The firm has a market cap of $63.50 billion, a price-to-earnings ratio of -128.96, a PEG ratio of 0.81 and a beta of 1.76. The company has a 50 day moving average of $62.02 and a 200-day moving average of $84.50. 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.

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. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company’s revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share. On average, equities analysts forecast 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 will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) 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.