HBK Sorce Advisory LLC Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

HBK Sorce Advisory LLC grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 37.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,412 shares of the semiconductor company’s stock after buying an additional 1,749 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Marvell Technology were worth $448,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. Federated Hermes Inc. lifted its stake in shares of Marvell Technology by 21.3% in the 2nd quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock valued at $3,454,000 after purchasing an additional 8,666 shares during the last quarter. TradeLink Capital LLC bought a new stake in Marvell Technology in the second quarter worth $377,000. Meeder Advisory Services Inc. boosted its stake in Marvell Technology by 45.0% during the second quarter. Meeder Advisory Services Inc. now owns 15,765 shares of the semiconductor company’s stock worth $1,102,000 after buying an additional 4,889 shares during the period. DekaBank Deutsche Girozentrale increased its position in Marvell Technology by 49.1% during the second quarter. DekaBank Deutsche Girozentrale now owns 740,990 shares of the semiconductor company’s stock valued at $51,066,000 after acquiring an additional 244,159 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in shares of Marvell Technology by 4.9% in the second quarter. Oppenheimer & Co. Inc. now owns 293,307 shares of the semiconductor company’s stock valued at $20,502,000 after acquiring an additional 13,742 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $74.48 on Friday. The company has a market capitalization of $66.00 billion, a PE ratio of -65.91, a P/E/G ratio of 3.29 and a beta of 1.46. The company has a 50-day simple moving average of $68.26 and a two-hundred day simple moving average of $69.77. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business posted $0.18 EPS. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. Research analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Analyst Ratings Changes

A number of equities analysts recently commented on MRVL shares. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Oppenheimer restated an “outperform” rating and set a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Finally, B. Riley boosted their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Company 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.