Fisher Asset Management LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 2,203,310 shares of the semiconductor company's stock after buying an additional 56,606 shares during the quarter. Fisher Asset Management LLC owned 0.25% of Marvell Technology worth $158,903,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. Ameriprise Financial Inc. raised its position in shares of Marvell Technology by 24.1% during the 2nd 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. Van ECK Associates Corp grew its position in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company's stock valued at $538,868,000 after buying an additional 1,570,050 shares during the last quarter. Clearbridge Investments LLC raised its stake in Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company's stock worth $362,759,000 after acquiring an additional 150,109 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Marvell Technology by 0.7% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company's stock valued at $268,711,000 after acquiring an additional 25,983 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock valued at $235,247,000 after acquiring an additional 66,654 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.
Marvell Technology Price Performance
Marvell Technology stock traded up $0.90 during midday trading on Tuesday, reaching $93.14. 9,014,234 shares of the company were exchanged, compared to its average volume of 12,014,643. The firm's 50-day simple moving average is $81.05 and its 200-day simple moving average is $73.76. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.55. The company has a market capitalization of $82.54 billion, a price-to-earnings ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The firm 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%. Marvell Technology's revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.
Marvell Technology Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors 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 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology's dividend payout ratio (DPR) is -21.62%.
Insiders Place Their Bets
In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm's stock in a transaction dated 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 directly owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last quarter. Company insiders own 0.33% of the company's stock.
Analyst Ratings Changes
A number of research firms recently issued reports on MRVL. Cantor Fitzgerald restated an "overweight" rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. The Goldman Sachs Group upped their price objective on Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the company a "buy" rating in a report on Friday, August 30th. Piper Sandler reaffirmed an "overweight" rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, Morgan Stanley upped their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $93.43.
Read Our Latest Research Report on Marvell Technology
About Marvell Technology
(
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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