Jennison Associates LLC Purchases 341 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Jennison Associates LLC boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 0.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 694,385 shares of the semiconductor company’s stock after purchasing an additional 341 shares during the quarter. Jennison Associates LLC’s holdings in Marvell Technology were worth $50,079,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in MRVL. Quarry LP acquired a new stake in Marvell Technology in the second quarter worth $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter worth $32,000. Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares in the last quarter. Exchange Traded Concepts LLC grew its stake in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the period. Finally, Unique Wealth Strategies LLC bought a new stake in shares of Marvell Technology in the second quarter worth about $45,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Up 3.4 %

Shares of NASDAQ MRVL opened at $92.94 on Friday. The company has a market cap of $82.36 billion, a price-to-earnings ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The stock has a 50-day moving average price of $79.94 and a two-hundred day moving average price of $73.22.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Insiders Place Their Bets

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The trade was a 2.79 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Benchmark upped their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Loop Capital assumed coverage on Marvell Technology in a research note on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective on the stock. Rosenblatt Securities lifted their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

About Marvell Technology

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.