Summit Trail Advisors LLC Buys 397 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Summit Trail Advisors LLC raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 7.3% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 5,805 shares of the semiconductor company’s stock after buying an additional 397 shares during the period. Summit Trail Advisors LLC’s holdings in Marvell Technology were worth $406,000 as of its most recent filing with the SEC.

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

Marvell Technology Trading Down 2.8 %

NASDAQ:MRVL opened at $71.81 on Tuesday. The company has a market cap of $62.16 billion, a P/E ratio of -63.55, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The business has a 50 day moving average price of $68.16 and a two-hundred day moving average price of $69.54. 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 (NASDAQ:MRVL) last announced its earnings results 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 business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The firm’s revenue was down 5.1% on a year-over-year basis. As a group, analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s payout ratio is presently -21.24%.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the sale, the executive vice president now directly owns 20,450 shares in the company, valued at approximately $1,432,931.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 160,000 shares of company stock worth $11,878,785. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on MRVL. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Rosenblatt Securities upped their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating 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 stock an “outperform” rating in a report on Friday, August 30th. B. Riley upped their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Barclays lifted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note 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 company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.