Western Financial Corp CA Purchases New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Western Financial Corp CA purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 24,017 shares of the semiconductor company’s stock, valued at approximately $1,479,000.

Several other hedge funds have also bought and sold shares of the business. Rialto Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter valued at $27,000. Security National Bank bought a new position in Marvell Technology during the 1st quarter valued at $31,000. Lee Danner & Bass Inc. bought a new position in Marvell Technology during the 4th quarter valued at $35,000. Capital Analysts LLC lifted 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 acquiring an additional 241 shares in the last quarter. Finally, Garde Capital Inc. bought a new position in Marvell Technology during the 1st quarter valued at $39,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer now directly owns 121,348 shares of the company’s stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,394 shares of company stock valued at $1,656,076 in the last quarter. 0.19% of the stock is currently owned by corporate insiders.

Marvell Technology Trading Up 1.0%

Shares of Marvell Technology stock opened at $75.93 on Thursday. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The stock’s 50-day simple moving average is $63.30 and its 200 day simple moving average is $83.65. The stock has a market capitalization of $65.59 billion, a P/E ratio of -133.21, a P/E/G ratio of 0.82 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL) last posted its 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 business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company’s quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology’s payout ratio is presently -42.11%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on MRVL. Raymond James Financial restated an “outperform” rating and set a $90.00 price objective (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Deutsche Bank Aktiengesellschaft dropped their price objective on Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Susquehanna dropped their price objective on Marvell Technology from $110.00 to $90.00 and set a “positive” rating on the stock in a research note on Tuesday, May 27th. Needham & Company LLC restated a “buy” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, UBS Group restated a “buy” rating on shares of Marvell Technology in a research note on Monday, June 2nd. Six equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $96.33.

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.