K2 Principal Fund L.P. Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

K2 Principal Fund L.P. boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 28.5% during the 2nd quarter, Holdings Channel reports. The fund owned 20,555 shares of the semiconductor company’s stock after buying an additional 4,555 shares during the period. K2 Principal Fund L.P.’s holdings in Marvell Technology were worth $1,437,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Davidson Kempner Capital Management LP increased its holdings in shares of Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Diversified Trust Co purchased a new stake in Marvell Technology in the 2nd quarter worth approximately $932,000. Orion Portfolio Solutions LLC increased its holdings in shares of Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after buying an additional 88,918 shares in the last quarter. Finally, Westwood Holdings Group Inc. purchased a new position in Marvell Technology in the first quarter valued at $6,985,000. Institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MRVL. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Stifel Nicolaus restated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares of the company’s stock, valued at $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s 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 transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated 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 sale, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The disclosure for this sale can be found here. Insiders sold a total of 160,000 shares of company stock worth $11,878,785 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Stock Down 2.8 %

Shares of NASDAQ MRVL opened at $71.81 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm’s 50-day moving average is $68.16 and its two-hundred day moving average is $69.54. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a market capitalization of $62.16 billion, a PE ratio of -63.55, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate 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 business posted $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

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.