MainStreet Investment Advisors LLC Invests $1.03 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

MainStreet Investment Advisors LLC bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 16,733 shares of the semiconductor company’s stock, valued at approximately $1,030,000.

Other large investors also recently bought and sold shares of the company. Brown Advisory Inc. boosted its holdings in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after acquiring an additional 423,892 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its position in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after acquiring an additional 857,087 shares during the period. Wellington Management Group LLP raised its position in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Finally, Geode Capital Management LLC raised its position in Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after acquiring an additional 80,005 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of analyst reports. KeyCorp dropped their price objective on shares of Marvell Technology from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, May 30th. Susquehanna cut their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a “positive” rating on the stock in a report on Tuesday, May 27th. Melius downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. Loop Capital cut their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Finally, Stifel Nicolaus lowered their price target 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. Six research analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Performance

Shares of MRVL opened at $72.26 on Thursday. Marvell Technology, Inc. has a one year low of $47.09 and a one year high of $127.48. The company has a 50-day moving average of $67.34 and a two-hundred day moving average of $81.12. The stock has a market cap of $62.42 billion, a price-to-earnings ratio of -126.77, a PEG ratio of 0.78 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL) last announced 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 company 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 7.56% and a positive return on equity of 8.42%. The business’s revenue for the quarter was up 63.3% on a year-over-year basis. During the same period last year, the company posted $0.24 earnings per share. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio is currently -42.11%.

Insider Activity at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer owned 92,065 shares of the company’s stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is owned by company insiders.

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.