Park Avenue Securities LLC Buys 1,342 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Park Avenue Securities LLC lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,387 shares of the semiconductor company’s stock after purchasing an additional 1,342 shares during the period. Park Avenue Securities LLC’s holdings in Marvell Technology were worth $2,366,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. increased its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the period. Bruce G. Allen Investments LLC lifted its stake in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 165 shares in the last quarter. Raleigh Capital Management Inc. increased its holdings in shares of Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 527 shares in the last quarter. Finally, Versant Capital Management Inc increased its holdings in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 161 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $71.89 on Friday. The firm has a market capitalization of $62.23 billion, a P/E ratio of -63.62, a P/E/G ratio of 3.47 and a beta of 1.46. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The firm’s 50 day moving average is $70.00 and its two-hundred day moving average is $67.75. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company’s revenue was down 12.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 earnings per share. Research analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Marvell Technology announced that its board has approved a stock repurchase plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Jefferies Financial Group initiated coverage on shares of Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price target on the stock. B. Riley upped their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Finally, Barclays increased their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $85.00.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the sale, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares in the company, valued at $7,774,586.25. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The disclosure for this sale can be found here. Insiders sold a total of 79,500 shares of company stock valued at $5,504,065 over the last three months. 0.33% of the stock is currently owned by company insiders.

Marvell Technology 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.