Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by SteelPeak Wealth LLC

SteelPeak Wealth LLC lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 14.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 187,107 shares of the semiconductor company’s stock after purchasing an additional 23,483 shares during the quarter. SteelPeak Wealth LLC’s holdings in Marvell Technology were worth $13,262,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MRVL. SJS Investment Consulting Inc. raised its holdings in shares of Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group lifted its position in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the period. Raleigh Capital Management Inc. grew its stake in Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 527 shares during the last quarter. Finally, Optimum Investment Advisors acquired a new position in shares of Marvell Technology in the first quarter valued at about $35,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

MRVL traded up $1.17 on Friday, hitting $69.90. 22,414,346 shares of the company’s stock were exchanged, compared to its average volume of 11,605,229. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a market cap of $60.51 billion, a price-to-earnings ratio of -61.86, a P/E/G ratio of 3.31 and a beta of 1.46. The firm has a 50-day moving average price of $70.26 and a 200-day moving average price of $68.50. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology announced that its board has authorized a share repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the sale, the chief executive officer now owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the transaction, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The disclosure for this sale can be found here. Insiders have sold 79,500 shares of company stock worth $5,504,065 in the last ninety days. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Barclays upped their target price on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research report on Friday, May 31st. Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Morgan Stanley upped their price target on shares of Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. Finally, Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $85.00.

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.