Legal & General Group Plc Has $444.55 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Legal & General Group Plc cut its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 6,359,728 shares of the semiconductor company’s stock after selling 95,214 shares during the period. Legal & General Group Plc owned approximately 0.73% of Marvell Technology worth $444,546,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Lighthouse Investment Partners LLC acquired a new position in Marvell Technology in the 2nd quarter worth $512,000. Mackenzie Financial Corp boosted its stake in shares of Marvell Technology by 30.8% during the 2nd quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock worth $5,148,000 after buying an additional 17,342 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of Marvell Technology by 18.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,053,967 shares of the semiconductor company’s stock worth $73,672,000 after buying an additional 164,250 shares during the last quarter. MBB Public Markets I LLC boosted its stake in shares of Marvell Technology by 183.9% during the 2nd quarter. MBB Public Markets I LLC now owns 125,655 shares of the semiconductor company’s stock worth $8,783,000 after buying an additional 81,401 shares during the last quarter. Finally, EDENTREE ASSET MANAGEMENT Ltd boosted its stake in shares of Marvell Technology by 3.7% during the 2nd quarter. EDENTREE ASSET MANAGEMENT Ltd now owns 108,820 shares of the semiconductor company’s stock worth $7,610,000 after buying an additional 3,833 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Down 3.3 %

Marvell Technology stock opened at $70.99 on Friday. The stock has a market cap of $61.45 billion, a P/E ratio of -62.82, a P/E/G ratio of 3.12 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The company’s 50-day moving average price is $68.33 and its two-hundred day moving average price is $69.54.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the business posted $0.18 EPS. The business’s revenue was down 5.1% compared to the same quarter last year. As a group, analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is presently -21.24%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on MRVL shares. Bank of America increased their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI increased their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Morgan Stanley increased their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on 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 owns 113,253 shares in the company, valued at approximately $7,559,637.75. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the 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 sale, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred 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 owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock worth $11,878,785 in the last quarter. Corporate 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.