NewEdge Advisors LLC Has $9.06 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

NewEdge Advisors LLC boosted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 30.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 129,643 shares of the semiconductor company’s stock after purchasing an additional 30,596 shares during the quarter. NewEdge Advisors LLC’s holdings in Marvell Technology were worth $9,062,000 at the end of the most recent reporting period.

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

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $72.12 on Tuesday. The stock’s 50 day moving average is $68.40 and its 200-day moving average is $69.58. 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 $62.43 billion, a price-to-earnings ratio of -63.82, a PEG 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 (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 the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued 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 0.33%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on MRVL shares. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley boosted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the transaction, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 157,500 shares of company stock worth $11,703,610. 0.33% of the stock is owned by corporate insiders.

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.