Intech Investment Management LLC Grows Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Intech Investment Management LLC lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 78,009 shares of the semiconductor company’s stock after purchasing an additional 1,557 shares during the period. Intech Investment Management LLC’s holdings in Marvell Technology were worth $5,529,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Nicolet Advisory Services LLC purchased a new stake in shares of Marvell Technology during the 1st quarter worth $210,000. Pinkerton Retirement Specialists LLC purchased a new stake in Marvell Technology in the first quarter valued at $521,000. Tocqueville Asset Management L.P. lifted its position in Marvell Technology by 1.5% in the first quarter. Tocqueville Asset Management L.P. now owns 466,378 shares of the semiconductor company’s stock valued at $33,057,000 after acquiring an additional 7,066 shares during the last quarter. GM Advisory Group LLC lifted its position in Marvell Technology by 113.1% in the first quarter. GM Advisory Group LLC now owns 25,837 shares of the semiconductor company’s stock valued at $1,831,000 after acquiring an additional 13,710 shares during the last quarter. Finally, Glaxis Capital Management LLC purchased a new stake in Marvell Technology in the first quarter valued at $354,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total value of $2,075,400.00. Following the sale, the chief executive officer now owns 686,545 shares of the company’s stock, valued at $47,495,183.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 100,000 shares of company stock worth $7,255,235. 0.33% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MRVL shares. Citigroup reissued a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. KeyCorp boosted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, May 31st. Morgan Stanley lifted their price objective on shares of Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. Finally, Evercore ISI lifted their price objective on shares of Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $85.50.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $1.69 on Friday, reaching $66.51. 9,367,768 shares of the stock were exchanged, compared to its average volume of 10,091,948. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average price of $71.76 and a two-hundred day moving average price of $69.70. The firm has a market capitalization of $57.57 billion, a PE ratio of -58.86, a PEG ratio of 3.15 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting the consensus estimate 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 analyst estimates of $1.15 billion. During the same period in the prior year, the business posted $0.17 earnings per share. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s payout ratio is currently -21.24%.

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.