Thoroughbred Financial Services LLC Grows Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Thoroughbred Financial Services LLC boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 68.8% in the 2nd quarter, Holdings Channel reports. The firm owned 13,925 shares of the semiconductor company’s stock after purchasing an additional 5,677 shares during the period. Thoroughbred Financial Services LLC’s holdings in Marvell Technology were worth $973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the 1st quarter valued at $31,000. Optimum Investment Advisors purchased a new stake in Marvell Technology in the 1st quarter valued at $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Marvell Technology in the 1st quarter valued at $35,000. Finally, Bogart Wealth LLC raised its position in Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,500 shares of company stock worth $4,505,520. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $74.48 on Monday. The firm has a market cap of $66.00 billion, a price-to-earnings ratio of -65.91, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company’s 50-day moving average is $68.26 and its two-hundred day moving average is $69.77. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76.

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

Marvell Technology Dividend Announcement

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

Analyst Ratings Changes

MRVL has been the subject of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One research 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.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.62.

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.