Linscomb Wealth Inc. Grows Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Linscomb Wealth Inc. raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.3% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 30,552 shares of the semiconductor company’s stock after buying an additional 382 shares during the quarter. Linscomb Wealth Inc.’s holdings in Marvell Technology were worth $1,881,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. Hughes Financial Services LLC purchased a new position in shares of Marvell Technology in the first quarter worth about $26,000. Rossby Financial LCC purchased a new position in shares of Marvell Technology in the first quarter worth about $27,000. Financial Connections Group Inc. raised its stake in shares of Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 388 shares during the last quarter. Vision Financial Markets LLC purchased a new position in shares of Marvell Technology in the first quarter worth about $28,000. Finally, Security National Bank purchased a new position in shares of Marvell Technology in the first quarter worth about $31,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The stock was 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 in the company, 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 filing with the SEC, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,283 shares of Marvell Technology stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer owned 29,572 shares in the company, valued at approximately $2,025,682. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,148 shares of company stock worth $1,014,236. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently commented on the company. Bank of America raised their target price on Marvell Technology from $80.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, June 18th. Benchmark reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. B. Riley reaffirmed a “buy” rating and set a $115.00 target price (up from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Evercore ISI dropped their target price on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Finally, TD Cowen raised their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.70.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $77.34 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The business’s 50 day moving average price is $72.98 and its 200-day moving average price is $74.08. The firm has a market capitalization of $66.81 billion, a PE ratio of -135.68, a P/E/G ratio of 0.84 and a beta of 1.83. Marvell Technology, Inc. has a 1 year low of $47.08 and a 1 year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the business posted $0.24 earnings per share. The firm’s revenue was up 63.3% compared to the same quarter last year. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology’s dividend payout ratio (DPR) is presently -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.