TimesSquare Capital Management LLC Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

TimesSquare Capital Management LLC grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 21.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 880,218 shares of the semiconductor company's stock after purchasing an additional 153,370 shares during the period. TimesSquare Capital Management LLC owned 0.10% of Marvell Technology worth $63,481,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Quarry LP purchased a new stake in shares of Marvell Technology during the second quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the second quarter worth about $32,000. Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock worth $35,000 after purchasing an additional 210 shares during the period. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology in the first quarter worth about $35,000. Finally, Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after buying an additional 336 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the company's stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MRVL. The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. Piper Sandler restated an "overweight" rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com cut Marvell Technology from a "hold" rating to a "sell" rating in a report on Friday, October 18th. Bank of America upped their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. Finally, TD Cowen raised Marvell Technology to a "strong-buy" rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, one has issued 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 company currently has a consensus rating of "Moderate Buy" and an average target price of $91.62.

Marvell Technology Stock Down 0.1 %

MRVL stock traded down $0.14 during trading on Friday, hitting $93.80. 8,339,963 shares of the company's stock traded hands, compared to its average volume of 10,812,190. The firm has a market capitalization of $83.13 billion, a P/E ratio of -84.50, a PEG ratio of 3.94 and a beta of 1.44. The business has a fifty day simple moving average of $76.88 and a two-hundred day simple moving average of $71.97. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts' consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. Marvell Technology's quarterly revenue was down 5.1% on a year-over-year basis. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date 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%.

Marvell Technology 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.