Citizens Financial Group Inc. RI Acquires New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Citizens Financial Group Inc. RI bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 7,726 shares of the semiconductor company’s stock, valued at approximately $540,000.

Several other large investors also recently modified their holdings of MRVL. Bruce G. Allen Investments LLC lifted its position 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 valued at $28,000 after acquiring an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology during the first quarter worth about $31,000. Optimum Investment Advisors bought a new position in shares of Marvell Technology during the first quarter worth about $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology in the 1st quarter valued at approximately $35,000. Finally, Bogart Wealth LLC boosted its position in Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 592 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $71.55 on Thursday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a 50-day simple moving average of $68.14 and a 200 day simple moving average of $69.78. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $61.93 billion, a price-to-earnings ratio of -63.32, a PEG ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

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 paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, July 15th. The stock was 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 directly owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The sale was disclosed in a document filed with the SEC, 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 stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at $8,150,293.84. The disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock valued at $11,878,785 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on MRVL shares. The Goldman Sachs Group lifted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price 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.