Steph & Co. Boosts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Steph & Co. raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 6.4% in the first quarter, Holdings Channel reports. The institutional investor owned 7,185 shares of the semiconductor company’s stock after buying an additional 435 shares during the quarter. Steph & Co.’s holdings in Marvell Technology were worth $509,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in MRVL. Norges Bank purchased a new position in shares of Marvell Technology during the fourth quarter worth about $511,215,000. Matrix Capital Management Company LP grew its holdings in shares of Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. lifted its position in Marvell Technology by 25.9% in the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after buying an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd lifted its position in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after buying an additional 2,908,912 shares during the last quarter. Finally, Wellington Management Group LLP lifted its position in Marvell Technology by 87.0% in the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after buying an additional 2,115,366 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Stifel Nicolaus boosted their target price on Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, May 31st. TD Cowen boosted their target price on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Finally, Evercore ISI boosted their price objective on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Marvell Technology Stock Down 2.9 %

MRVL stock traded down $2.10 during midday trading on Monday, hitting $69.79. The stock had a trading volume of 3,277,765 shares, compared to its average volume of 13,018,063. The business has a 50-day moving average of $70.00 and a two-hundred day moving average of $67.99. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 earnings per share. Equities analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s payout ratio is -21.24%.

Marvell Technology declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $69.18, for a total transaction of $2,075,400.00. Following the transaction, the chief executive officer now directly owns 686,545 shares of the company’s stock, valued at $47,495,183.10. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now directly owns 115,318 shares in the company, valued at $8,466,647.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 79,500 shares of company stock valued at $5,504,065. Insiders own 0.33% of the company’s stock.

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.