Goldman Sachs Group Inc. Acquires 2,572,268 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Goldman Sachs Group Inc. grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 17.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,017,345 shares of the semiconductor company’s stock after acquiring an additional 2,572,268 shares during the period. Goldman Sachs Group Inc.’s holdings in Marvell Technology were worth $833,510,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. FMR LLC boosted its stake in Marvell Technology by 1.4% in the 4th quarter. FMR LLC now owns 100,768,315 shares of the semiconductor company’s stock worth $4,790,526,000 after purchasing an additional 1,375,897 shares in the last quarter. BlackRock Inc. increased its position in shares of Marvell Technology by 4.8% in the 1st quarter. BlackRock Inc. now owns 61,356,750 shares of the semiconductor company’s stock valued at $3,005,256,000 after acquiring an additional 2,835,624 shares during the period. Allianz Asset Management GmbH raised its stake in Marvell Technology by 18.6% in the 1st quarter. Allianz Asset Management GmbH now owns 11,230,867 shares of the semiconductor company’s stock worth $550,088,000 after acquiring an additional 1,758,501 shares during the last quarter. Brown Advisory Inc. lifted its position in Marvell Technology by 13.8% during the 4th quarter. Brown Advisory Inc. now owns 9,697,166 shares of the semiconductor company’s stock worth $461,003,000 after acquiring an additional 1,178,720 shares during the period. Finally, Geode Capital Management LLC grew its stake in Marvell Technology by 6.2% during the 1st quarter. Geode Capital Management LLC now owns 8,220,098 shares of the semiconductor company’s stock valued at $402,073,000 after purchasing an additional 482,589 shares during the last quarter. Institutional investors own 89.31% of the company’s stock.

A number of analysts have recently commented on MRVL shares. Wells Fargo & Company upped their target price on Marvell Technology from $45.00 to $50.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday. TheStreet lowered Marvell Technology from a “b-” rating to a “c” rating in a research note on Wednesday, March 3rd. Piper Sandler upped their target price on Marvell Technology from $55.00 to $60.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, B. Riley lifted their price target on Marvell Technology from $56.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Marvell Technology has a consensus rating of “Buy” and an average price target of $54.70.

NASDAQ MRVL traded down $0.43 on Friday, hitting $51.37. 306,167 shares of the stock traded hands, compared to its average volume of 10,295,983. The stock has a market capitalization of $34.71 billion, a P/E ratio of -123.33, a P/E/G ratio of 2.32 and a beta of 1.10. The company has a 50-day moving average price of $47.06. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.50 and a quick ratio of 1.25. Marvell Technology, Inc. has a twelve month low of $32.53 and a twelve month high of $55.70.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Marvell Technology had a positive return on equity of 5.25% and a negative net margin of 8.13%. During the same quarter last year, the company posted $0.18 EPS. Research analysts expect that Marvell Technology, Inc. will post 1.02 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.47%. The ex-dividend date is Thursday, July 8th. Marvell Technology’s payout ratio is 41.38%.

In other Marvell Technology news, CFO Jean X. Hu sold 16,071 shares of the company’s stock in a transaction dated Thursday, April 15th. The shares were sold at an average price of $48.54, for a total value of $780,086.34. Following the completion of the transaction, the chief financial officer now owns 73,182 shares in the company, valued at approximately $3,552,254.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 7,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $48.66, for a total transaction of $364,950.00. The disclosure for this sale can be found here. In the last three months, insiders sold 51,071 shares of company stock worth $2,357,411. Company insiders own 0.33% of the company’s stock.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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