Marvell Technology, Inc. (NASDAQ:MRVL) Stake Boosted by LPL Financial LLC

LPL Financial LLC grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 493,524 shares of the semiconductor company’s stock after purchasing an additional 86,419 shares during the quarter. LPL Financial LLC owned approximately 0.06% of Marvell Technology worth $34,497,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Bruce G. Allen Investments LLC grew its holdings in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology in the 1st quarter worth approximately $31,000. Optimum Investment Advisors bought a new position in Marvell Technology in the 1st quarter worth approximately $35,000. Mark Sheptoff Financial Planning LLC bought a new position in Marvell Technology in the 1st quarter worth approximately $35,000. Finally, Bogart Wealth LLC grew its holdings in Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $73.40 on Tuesday. The company’s fifty day moving average is $68.26 and its two-hundred day moving average is $69.79. 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 12-month low of $46.07 and a 12-month high of $85.76. The company has a market cap of $63.54 billion, a P/E ratio of -64.96, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

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, meeting 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 company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned $0.18 EPS. The company’s revenue was down 5.1% on a year-over-year basis. Equities analysts expect that Marvell Technology, Inc. will post 0.77 earnings per share 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. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Transactions at Marvell Technology

In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 152,500 shares of company stock valued at $11,328,240. 0.33% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MRVL. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, September 10th. Morgan Stanley upped their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Bank of America upped their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, KeyCorp upped their target price on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target 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.