Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Raymond James & Associates

Raymond James & Associates increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,093,429 shares of the semiconductor company’s stock after purchasing an additional 36,899 shares during the period. Raymond James & Associates’ holdings in Marvell Technology were worth $78,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. Lazard Asset Management LLC boosted its stake in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after purchasing an additional 3,993,414 shares during the period. Whale Rock Capital Management LLC purchased a new stake in shares of Marvell Technology during the 1st quarter worth about $181,559,000. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Swedbank AB lifted its position in shares of Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after purchasing an additional 2,024,269 shares during the last quarter. Finally, Janus Henderson Group PLC increased its holdings in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 255,000 shares of company stock worth $19,846,215 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Price Performance

MRVL opened at $79.85 on Monday. The company has a 50 day moving average of $71.99 and a two-hundred day moving average of $70.19. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a market cap of $69.12 billion, a P/E ratio of -70.66, a P/E/G ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. On average, analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MRVL. 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 note on Friday, August 30th. Needham & Company LLC reissued 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 increased their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Morgan Stanley upped their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 target price 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 stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

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.