Adell Harriman & Carpenter Inc. Grows Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Adell Harriman & Carpenter Inc. raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 25.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 32,593 shares of the semiconductor company’s stock after purchasing an additional 6,625 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Marvell Technology were worth $1,966,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MRVL. Simplicity Solutions LLC increased its position in shares of Marvell Technology by 2.6% during the third quarter. Simplicity Solutions LLC now owns 11,635 shares of the semiconductor company’s stock worth $630,000 after acquiring an additional 290 shares during the period. Ballentine Partners LLC grew its position in shares of Marvell Technology by 6.8% in the 3rd quarter. Ballentine Partners LLC now owns 4,983 shares of the semiconductor company’s stock worth $270,000 after buying an additional 319 shares during the last quarter. Valeo Financial Advisors LLC purchased a new stake in Marvell Technology during the third quarter valued at approximately $297,000. Linden Thomas Advisory Services LLC purchased a new position in Marvell Technology in the third quarter worth $492,000. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Marvell Technology by 6.1% during the 3rd quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock valued at $10,330,000 after purchasing an additional 10,916 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of research analyst reports. B. Riley reiterated a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. KeyCorp dropped their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Barclays increased their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Stock Down 0.7 %

NASDAQ MRVL traded down $0.49 on Tuesday, reaching $68.26. The stock had a trading volume of 825,691 shares, compared to its average volume of 13,762,668. The company has a market capitalization of $59.11 billion, a price-to-earnings ratio of -63.66, a P/E/G ratio of 5.09 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 1 year low of $38.63 and a 1 year high of $85.76. The business has a 50 day moving average price of $69.92 and a 200 day moving average price of $62.83.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. Marvell Technology’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.34 EPS. On average, analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology declared that its board has authorized a stock repurchase program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the transaction, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,477,515 over the last 90 days. 0.45% of the stock is currently owned by company insiders.

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 and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.