Lighthouse Investment Partners LLC Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Lighthouse Investment Partners LLC purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,328 shares of the semiconductor company’s stock, valued at approximately $512,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Davidson Kempner Capital Management LP increased its position in shares of Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares during the last quarter. Diversified Trust Co purchased a new stake in Marvell Technology during the 2nd quarter worth approximately $932,000. Orion Portfolio Solutions LLC raised its position in shares of Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after buying an additional 88,918 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $70.99 on Friday. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a market cap of $61.45 billion, a PE ratio of -62.82, a P/E/G ratio of 3.12 and a beta of 1.46. The stock has a 50 day simple moving average of $68.33 and a 200-day simple moving average of $69.52. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly 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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on MRVL shares. Stifel Nicolaus reiterated 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. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, KeyCorp boosted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.