Wedbush Securities Inc. Buys 1,661 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wedbush Securities Inc. raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 26.3% in the second quarter, HoldingsChannel reports. The firm owned 7,970 shares of the semiconductor company’s stock after acquiring an additional 1,661 shares during the period. Wedbush Securities Inc.’s holdings in Marvell Technology were worth $557,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. QRG Capital Management Inc. lifted its stake in Marvell Technology by 43.4% in the fourth quarter. QRG Capital Management Inc. now owns 25,469 shares of the semiconductor company’s stock worth $1,536,000 after acquiring an additional 7,706 shares during the period. Avantax Advisory Services Inc. lifted its position in shares of Marvell Technology by 29.0% in the 4th quarter. Avantax Advisory Services Inc. now owns 31,550 shares of the semiconductor company’s stock worth $1,903,000 after purchasing an additional 7,101 shares during the period. Westpac Banking Corp boosted its stake in shares of Marvell Technology by 3.0% during the fourth quarter. Westpac Banking Corp now owns 8,877 shares of the semiconductor company’s stock valued at $535,000 after purchasing an additional 260 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Marvell Technology by 8.8% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 440,209 shares of the semiconductor company’s stock valued at $24,986,000 after purchasing an additional 35,758 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in Marvell Technology by 19.7% during the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 45,873 shares of the semiconductor company’s stock valued at $2,767,000 after buying an additional 7,552 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Down 0.8 %

Shares of MRVL stock opened at $74.30 on Friday. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The stock has a market cap of $64.31 billion, a P/E ratio of -65.75, a P/E/G ratio of 2.91 and a beta of 1.46. The stock has a 50 day moving average of $68.21 and a 200 day moving average of $69.73. 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 (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the firm earned $0.18 EPS. The business’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of analyst reports. Stifel Nicolaus restated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Barclays raised their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the transaction, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The disclosure for this sale can be found here. Insiders sold a total of 65,500 shares of company stock worth $4,872,620 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

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.