1832 Asset Management L.P. Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

1832 Asset Management L.P. bought a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 650,000 shares of the semiconductor company’s stock, valued at approximately $45,435,000.

Several other institutional investors and hedge funds also recently bought and sold shares of MRVL. Lazard Asset Management LLC increased its position in Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after buying an additional 3,993,414 shares in the last quarter. Aspex Management HK Ltd increased its holdings in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after acquiring an additional 2,908,912 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in Marvell Technology during the 1st quarter worth approximately $181,559,000. Swedbank AB lifted its holdings in Marvell Technology by 653.5% during the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Marvell Technology by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after purchasing an additional 1,890,753 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. The Goldman Sachs Group increased their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America boosted their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Morgan Stanley increased their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Trading Down 1.3 %

Shares of NASDAQ MRVL opened at $73.87 on Monday. The stock has a market capitalization of $63.94 billion, a P/E ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The business’s 50 day moving average is $68.20 and its two-hundred day moving average is $69.63. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 EPS. As a group, research analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling

In related news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 160,000 shares of company stock valued at $11,878,785. Company insiders own 0.33% of the company’s stock.

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.