CIBC Asset Management Inc Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

CIBC Asset Management Inc lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 6.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 190,403 shares of the semiconductor company's stock after acquiring an additional 11,912 shares during the period. CIBC Asset Management Inc's holdings in Marvell Technology were worth $13,732,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Lazard Asset Management LLC lifted its position in Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company's stock valued at $283,643,000 after acquiring an additional 3,993,414 shares during the last quarter. Whale Rock Capital Management LLC acquired a new stake in shares of Marvell Technology during the first quarter worth about $181,559,000. Ameriprise Financial Inc. lifted its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Swedbank AB boosted its holdings in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company's stock valued at $163,148,000 after acquiring an additional 2,024,269 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company's stock worth $955,400,000 after acquiring an additional 1,591,874 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

Several research firms recently commented on MRVL. Roth Mkm reiterated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, September 16th. Citigroup reissued a "buy" rating and set a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Bank of America upped their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Finally, Benchmark lifted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 30th. One equities 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 company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $91.77.

Insider Transactions at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business's stock in a transaction 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 completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,500 shares of company stock valued at $20,230,710 over the last three months. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $2.87 during midday trading on Friday, hitting $87.83. 10,001,282 shares of the stock were exchanged, compared to its average volume of 9,496,007. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $95.09. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average price of $78.89 and a 200-day moving average price of $72.80. The stock has a market cap of $77.83 billion, a P/E ratio of -79.13, a PEG ratio of 3.82 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm's quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology's payout ratio is -21.62%.

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.