Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 125.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 604 shares of the semiconductor company’s stock after buying an additional 336 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Marvell Technology were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Davidson Kempner Capital Management LP lifted its position in Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares during the period. Diversified Trust Co bought a new position in Marvell Technology during the second quarter valued at about $932,000. Orion Portfolio Solutions LLC grew its holdings in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 10,306 shares during the period. Ameriprise Financial Inc. raised its position in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Marvell Technology by 20.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after acquiring an additional 88,918 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

MRVL opened at $81.83 on Thursday. The stock has a fifty day moving average price of $73.17 and a 200 day moving average price of $70.42. 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 1 year low of $46.07 and a 1 year high of $85.76. The stock has a market cap of $70.83 billion, a price-to-earnings ratio of -72.42, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business 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 company earned $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. Analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several recent research reports. Bank of America lifted their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Benchmark boosted their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Insider Activity

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by corporate insiders.

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.