D.A. Davidson & CO. lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 13.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 33,051 shares of the semiconductor company’s stock after acquiring an additional 3,958 shares during the quarter. D.A. Davidson & CO.’s holdings in Marvell Technology were worth $1,993,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also modified their holdings of the company. Massachusetts Financial Services Co. MA increased its stake in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after acquiring an additional 2,142,391 shares during the last quarter. Fred Alger Management LLC increased its stake in shares of Marvell Technology by 2.4% in the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after acquiring an additional 95,003 shares during the last quarter. NewEdge Wealth LLC boosted its holdings in Marvell Technology by 15.6% in the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after purchasing an additional 973 shares in the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Marvell Technology by 157.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after purchasing an additional 472 shares in the last quarter. Finally, Montag A & Associates Inc. boosted its holdings in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on MRVL shares. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. UBS Group upped their price objective on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Jefferies Financial Group started coverage on shares of Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price objective for the company. Finally, Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.28.
View Our Latest Stock Analysis on MRVL
Marvell Technology Stock Up 2.2 %
NASDAQ MRVL opened at $76.68 on Friday. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The stock has a market cap of $66.36 billion, a PE ratio of -71.00, a PEG ratio of 3.85 and a beta of 1.48. The firm has a 50-day simple moving average of $69.23 and a 200 day simple moving average of $65.35.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business posted $0.34 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts forecast that Marvell Technology, Inc. will post 0.73 EPS for the current year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.31%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.
Marvell Technology announced that its board has authorized a stock buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Insider Buying and Selling
In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total value of $2,075,400.00. Following the completion of the transaction, the chief executive officer now owns 686,545 shares of the company’s stock, valued at $47,495,183.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total transaction of $2,075,400.00. Following the completion of the sale, the chief executive officer now owns 686,545 shares of the company’s stock, valued at $47,495,183.10. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $66.44, for a total transaction of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares of the company’s stock, valued at approximately $7,581,933.48. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock valued at $7,522,055 over the last quarter. Corporate insiders own 0.33% of the company’s stock.
About Marvell Technology
(Free Report)
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.
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