Lecap Asset Management Ltd. Takes $345,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Lecap Asset Management Ltd. acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 4,778 shares of the semiconductor company’s stock, valued at approximately $345,000.

Several other institutional investors and hedge funds also recently modified their holdings of MRVL. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the first quarter worth $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter valued at $32,000. Quarry LP purchased a new position in shares of Marvell Technology during the 2nd quarter worth about $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in Marvell Technology during the first quarter worth approximately $35,000. Finally, Whittier Trust Co. raised its position in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $81.93 on Friday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. 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 has a market cap of $70.92 billion, a PE ratio of -72.50, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The company’s 50-day moving average price is $73.42 and its two-hundred day moving average price is $70.50.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock valued at $20,330,835 over the last three months. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on MRVL shares. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Finally, StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.