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

Cavalry Management Group LLC bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,087 shares of the semiconductor company’s stock, valued at approximately $216,000. Marvell Technology accounts for about 3.0% of Cavalry Management Group LLC’s portfolio, making the stock its 14th biggest position.

Several other hedge funds have also recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC raised its stake in shares of Marvell Technology by 56.4% in the first 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 during the last quarter. Salomon & Ludwin LLC acquired a new stake in Marvell Technology during the 1st quarter valued at $31,000. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the second quarter worth $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the first quarter valued at $35,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

MRVL stock opened at $72.04 on Thursday. The stock has a 50-day moving average price of $68.43 and a two-hundred day moving average price of $69.60. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The stock has a market cap of $62.36 billion, a PE ratio of -63.75, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data 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 business had revenue of $1.27 billion during 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 quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share. Equities analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research reports. Bank of America raised their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. KeyCorp boosted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Activity at Marvell Technology

In other Marvell Technology 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 transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were 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 $8,150,293.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 160,000 shares of company stock valued at $11,880,685. Corporate 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.