Daiwa Securities Group Inc. Raises Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Daiwa Securities Group Inc. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 116,102 shares of the semiconductor company’s stock after purchasing an additional 6,011 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Marvell Technology were worth $8,116,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the period. Salomon & Ludwin LLC bought a new position in Marvell Technology in the 1st quarter worth $31,000. Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the 1st quarter worth about $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Marvell Technology during the 1st quarter valued at about $35,000. Finally, Bogart Wealth LLC increased its position in shares of Marvell Technology by 1,480.0% during the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other news, Director Daniel Durn bought 1,425 shares of the stock in a transaction on Monday, June 24th. The shares were bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the acquisition, the director now owns 1,923 shares in the company, valued at $135,013.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the sale, the executive vice president now directly owns 115,318 shares in the company, valued at $8,466,647.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the transaction, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders sold 65,500 shares of company stock valued at $4,872,620 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Bank of America lifted their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. KeyCorp upped their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 target price (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

NASDAQ MRVL opened at $74.89 on Thursday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The stock has a 50-day moving average of $68.11 and a 200 day moving average of $69.66. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $64.82 billion, a price-to-earnings ratio of -66.27, a PEG ratio of 2.91 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the company earned $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were paid a $0.06 dividend. The ex-dividend date was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

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.