Bessemer Group Inc. increased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 30,447.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,838,629 shares of the semiconductor company’s stock after buying an additional 1,832,610 shares during the period. Bessemer Group Inc. owned 0.21% of Marvell Technology worth $109,915,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also made changes to their positions in MRVL. Lindbrook Capital LLC lifted its holdings in shares of Marvell Technology by 67.6% during the 2nd quarter. Lindbrook Capital LLC now owns 429 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 173 shares during the period. Octavia Wealth Advisors LLC boosted its holdings in shares of Marvell Technology by 3.6% in the 2nd quarter. Octavia Wealth Advisors LLC now owns 5,233 shares of the semiconductor company’s stock valued at $313,000 after purchasing an additional 181 shares in the last quarter. Deseret Mutual Benefit Administrators increased its stake in shares of Marvell Technology by 27.3% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 904 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 194 shares during the last quarter. Versant Capital Management Inc lifted its position in shares of Marvell Technology by 76.9% during the 2nd quarter. Versant Capital Management Inc now owns 474 shares of the semiconductor company’s stock worth $28,000 after buying an additional 206 shares during the last quarter. Finally, CVA Family Office LLC boosted its stake in Marvell Technology by 5.7% in the second quarter. CVA Family Office LLC now owns 4,483 shares of the semiconductor company’s stock valued at $268,000 after buying an additional 242 shares in the last quarter. 83.32% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
MRVL has been the subject of a number of research reports. B. Riley increased their target price on shares of Marvell Technology from $75.00 to $77.00 and gave the stock a “buy” rating in a report on Friday, August 25th. Bank of America cut their target price on shares of Marvell Technology from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Friday, August 25th. Roth Mkm initiated coverage on Marvell Technology in a research note on Tuesday, November 14th. They issued a “buy” rating and a $60.00 price target for the company. Oppenheimer reissued an “outperform” rating and set a $70.00 price objective on shares of Marvell Technology in a report on Friday, August 25th. Finally, Evercore ISI lowered their target price on Marvell Technology from $70.00 to $60.00 in a report on Thursday, October 5th. Two research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $66.11.
Insiders Place Their Bets
In other news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $55.96, for a total transaction of $1,678,800.00. Following the completion of the sale, the chief executive officer now owns 885,245 shares in the company, valued at $49,538,310.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 2,000 shares of Marvell Technology stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $55.57, for a total transaction of $111,140.00. Following the completion of the transaction, the executive vice president now owns 134,737 shares in the company, valued at approximately $7,487,335.09. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, September 14th. The stock was sold at an average price of $55.96, for a total value of $1,678,800.00. Following the completion of the sale, the chief executive officer now directly owns 885,245 shares of the company’s stock, valued at $49,538,310.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 102,000 shares of company stock worth $5,573,990. Corporate insiders own 0.45% of the company’s stock.
Marvell Technology Price Performance
Shares of MRVL opened at $56.38 on Tuesday. The firm has a market cap of $48.64 billion, a PE ratio of -128.14, a price-to-earnings-growth ratio of 6.77 and a beta of 1.42. Marvell Technology, Inc. has a 52-week low of $33.75 and a 52-week high of $67.99. The business’s 50 day moving average price is $52.56 and its two-hundred day moving average price is $55.90. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.65 and a current ratio of 1.03.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its earnings results on Thursday, August 24th. The semiconductor company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. Marvell Technology had a negative net margin of 6.74% and a positive return on equity of 6.13%. Marvell Technology’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.41 EPS. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.88 EPS for the current year.
Marvell Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.43%. The ex-dividend date of this dividend was Thursday, October 5th. Marvell Technology’s dividend payout ratio (DPR) is currently -54.55%.
About Marvell Technology
Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.
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