Cavalry Management Group LLC Invests $216,000 in Marvell Technology, Inc. (NASDAQ:MRVL)

Cavalry Management Group LLC purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,087 shares of the semiconductor company’s stock, valued at approximately $216,000. Marvell Technology comprises 3.8% of Cavalry Management Group LLC’s investment portfolio, making the stock its 12th largest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC grew its position in shares of Marvell Technology by 56.4% during 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 during the 1st quarter worth about $31,000. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology during the 2nd quarter worth about $32,000. Quarry LP purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Finally, Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the 1st quarter valued at about $35,000. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MRVL. Morgan Stanley lifted 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. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Up 2.5 %

Marvell Technology stock opened at $72.04 on Thursday. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The firm has a market cap of $62.36 billion, a price-to-earnings ratio of -63.75, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. The business’s 50-day moving average price is $68.43 and its 200 day moving average price is $69.60. 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 issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company 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%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.18 earnings per share. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given 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 is currently -21.24%.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock valued at $11,880,685 in the last quarter. Insiders own 0.33% of the company’s stock.

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.