Costello Asset Management INC lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 276.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 33,551 shares of the semiconductor company's stock after purchasing an additional 24,650 shares during the quarter. Marvell Technology accounts for 1.6% of Costello Asset Management INC's portfolio, making the stock its 24th largest position. Costello Asset Management INC's holdings in Marvell Technology were worth $2,420,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC grew its stake 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 purchasing an additional 3,993,414 shares in the last quarter. Whale Rock Capital Management LLC acquired a new position in Marvell Technology in the first quarter worth approximately $181,559,000. Ameriprise Financial Inc. raised its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Swedbank AB lifted its stake in 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 last quarter. Finally, Janus Henderson Group PLC grew its position in Marvell Technology by 13.4% in 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 in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Marvell Technology Stock Performance
Shares of MRVL stock traded down $0.14 during trading hours on Friday, hitting $93.80. 8,339,963 shares of the company's stock were exchanged, compared to its average volume of 11,003,823. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock's 50-day moving average is $76.88 and its 200-day moving average is $71.97.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS 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 business had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the prior year, the firm earned $0.18 earnings per share. Marvell Technology's revenue was down 5.1% compared to the same quarter last year. Research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.
Marvell Technology Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend 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 is presently -21.62%.
Insider Transactions at Marvell Technology
In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
Several analysts have recently issued reports on the company. TD Cowen upgraded Marvell Technology to a "strong-buy" rating in a research note on Monday, September 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC restated a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Piper Sandler reiterated an "overweight" rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Citigroup reissued a "buy" rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of "Moderate Buy" and a consensus price target of $91.62.
Read Our Latest Analysis on MRVL
Marvell Technology Company Profile
(
Free Report)
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.
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