Howe & Rusling Inc. Invests $2.71 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Howe & Rusling Inc. acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the fourth quarter, Holdings Channel reports. The institutional investor acquired 44,939 shares of the semiconductor company’s stock, valued at approximately $2,710,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Matrix Capital Management Company LP increased its stake in shares of Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after buying an additional 4,634,127 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after acquiring an additional 2,142,391 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after purchasing an additional 2,115,366 shares during the last quarter. Alkeon Capital Management LLC acquired a new position in shares of Marvell Technology during the third quarter worth $102,847,000. Finally, Rokos Capital Management LLP increased its holdings in Marvell Technology by 176.5% in the third quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after buying an additional 930,158 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 3.2 %

Shares of MRVL traded down $2.09 during trading on Wednesday, reaching $63.82. The company’s stock had a trading volume of 11,085,190 shares, compared to its average volume of 13,829,869. Marvell Technology, Inc. has a twelve month low of $38.63 and a twelve month high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The company has a market cap of $55.27 billion, a price-to-earnings ratio of -59.31, a P/E/G ratio of 5.03 and a beta of 1.50. The company has a fifty day moving average of $69.93 and a two-hundred day moving average of $62.92.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the business posted $0.34 EPS. Marvell Technology’s quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has initiated a share repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th 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 0.38%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Insider Buying and Selling

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,477,515 over the last quarter. 0.45% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MRVL shares. Evercore ISI assumed coverage on Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price objective for the company. KeyCorp reduced their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. TD Cowen boosted their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Finally, Morgan Stanley raised their price objective on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.13.

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.