AMF Tjanstepension AB Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

AMF Tjanstepension AB purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 82,487 shares of the semiconductor company’s stock, valued at approximately $5,766,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Park Avenue Securities LLC increased its holdings in shares of Marvell Technology by 32.6% during the second quarter. Park Avenue Securities LLC now owns 44,284 shares of the semiconductor company’s stock worth $3,095,000 after buying an additional 10,897 shares in the last quarter. Wealth Group Ltd acquired a new stake in shares of Marvell Technology in the second quarter valued at approximately $246,000. First Bank & Trust acquired a new stake in shares of Marvell Technology in the second quarter valued at approximately $984,000. Lynx Investment Advisory acquired a new stake in shares of Marvell Technology in the second quarter valued at approximately $124,000. Finally, Mather Group LLC. increased its holdings in shares of Marvell Technology by 18.8% in the second quarter. Mather Group LLC. now owns 5,270 shares of the semiconductor company’s stock valued at $374,000 after purchasing an additional 834 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction 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 sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction 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 sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $68.57, for a total transaction of $342,850.00. Following the completion of the sale, the executive vice president now owns 119,719 shares in the company, valued at $8,209,131.83. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,000 shares of company stock valued at $7,190,745. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Down 3.6 %

MRVL traded down $2.07 during trading on Wednesday, hitting $56.15. The company had a trading volume of 11,342,652 shares, compared to its average volume of 12,645,880. The company has a market capitalization of $48.60 billion, a PE ratio of -49.69, a PEG ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The firm’s 50-day moving average price is $69.04 and its 200 day moving average price is $69.61. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were given a $0.06 dividend. The ex-dividend date was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.43%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Analyst Ratings Changes

MRVL has been the subject of a number of research reports. Barclays raised their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Friday, May 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. KeyCorp raised their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Finally, B. Riley raised their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $85.50.

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.