Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 10.2% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 36,174 shares of the semiconductor company’s stock after purchasing an additional 3,341 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Marvell Technology were worth $2,564,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $511,215,000. Lazard Asset Management LLC grew its stake in Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after buying an additional 3,993,414 shares during the period. Brown Advisory Inc. raised its position in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares during the period. Aspex Management HK Ltd lifted its stake in shares of Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after purchasing an additional 2,908,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new stake in shares of Marvell Technology in the first quarter worth about $181,559,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total transaction of $2,075,400.00. Following the transaction, the chief executive officer now owns 686,545 shares in the company, valued at approximately $47,495,183.10. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,000 shares of company stock worth $7,190,745. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MRVL shares. B. Riley boosted their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Morgan Stanley raised their price target on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Evercore ISI upped their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $85.50.

Marvell Technology Price Performance

Shares of MRVL traded up $4.18 during trading hours on Wednesday, hitting $66.98. 14,490,597 shares of the company were exchanged, compared to its average volume of 12,593,659. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The company has a market capitalization of $57.98 billion, a PE ratio of -59.10, a PEG ratio of 3.06 and a beta of 1.47. The firm has a fifty day simple moving average of $70.94 and a 200-day simple moving average of $69.92. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio is -21.24%.

Marvell Technology Company 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.