Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,818,161 shares of the semiconductor company’s stock after acquiring an additional 319,433 shares during the period. Envestnet Asset Management Inc. owned about 0.21% of Marvell Technology worth $127,089,000 at the end of the most recent reporting period.

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

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, 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 can be accessed through the SEC website. In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 152,500 shares of company stock valued at $11,328,240. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the subject of a number of recent research reports. Piper Sandler reissued an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Morgan Stanley increased their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Trading Down 1.5 %

Shares of MRVL opened at $73.40 on Tuesday. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The firm has a market capitalization of $63.54 billion, a P/E ratio of -64.96, 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 stock’s fifty day simple moving average is $68.26 and its 200 day simple moving average is $69.79.

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

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

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.