Forsta AP Fonden Buys 19,400 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Forsta AP Fonden lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 223,700 shares of the semiconductor company’s stock after buying an additional 19,400 shares during the period. Forsta AP Fonden’s holdings in Marvell Technology were worth $15,856,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in the stock. Nvwm LLC raised its position in Marvell Technology by 110.7% during the first quarter. Nvwm LLC now owns 41,028 shares of the semiconductor company’s stock valued at $2,908,000 after purchasing an additional 21,555 shares in the last quarter. TimesSquare Capital Management LLC increased its holdings in shares of Marvell Technology by 5.6% during the first quarter. TimesSquare Capital Management LLC now owns 663,163 shares of the semiconductor company’s stock worth $47,005,000 after buying an additional 35,190 shares in the last quarter. Oppenheimer & Co. Inc. increased its holdings in shares of Marvell Technology by 3.1% during the first quarter. Oppenheimer & Co. Inc. now owns 279,565 shares of the semiconductor company’s stock worth $19,816,000 after buying an additional 8,393 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management acquired a new position in shares of Marvell Technology during the first quarter worth $631,000. Finally, Brooklyn Investment Group acquired a new position in shares of Marvell Technology during the first quarter worth $278,000. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the 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 completion of the sale, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, 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. In the last 90 days, insiders sold 131,000 shares of company stock worth $9,357,740. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL stock traded up $1.47 on Friday, reaching $73.59. 10,190,798 shares of the company were exchanged, compared to its average volume of 9,277,736. The company has a 50-day moving average of $71.58 and a 200-day moving average of $69.35. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 EPS. The business’s revenue was down 12.2% on a year-over-year basis. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Barclays upped their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Stifel Nicolaus upped their price target on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. B. Riley increased their price objective on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $85.24.

Marvell Technology Company 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.