Assenagon Asset Management S.A. Acquires 1,366,553 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Assenagon Asset Management S.A. grew its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 934.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,512,839 shares of the semiconductor company’s stock after buying an additional 1,366,553 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Marvell Technology were worth $105,747,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Norges Bank bought a new position in Marvell Technology during the 4th quarter worth approximately $511,215,000. Lazard Asset Management LLC boosted its stake in shares of 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 valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Brown Advisory Inc. grew its holdings in shares of Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after purchasing an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd increased its stake in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after buying an additional 2,908,912 shares during the period. Finally, Whale Rock Capital Management LLC bought a new stake in Marvell Technology during the 1st quarter valued at $181,559,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on MRVL. Barclays raised their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Stifel Nicolaus upped their price target on Marvell Technology from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Finally, B. Riley upped their target price on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $85.50.

Insider Buying and Selling at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s 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 of the company’s stock, valued at $62,892,825. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 64,000 shares of company stock worth $4,772,495. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Down 0.0 %

Shares of NASDAQ MRVL traded down $0.01 on Friday, reaching $69.32. 11,574,635 shares of the company’s stock traded hands, compared to its average volume of 12,575,054. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. The business’s 50 day simple moving average is $68.27 and its two-hundred day simple moving average is $69.33. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company has a market cap of $60.00 billion, a price-to-earnings ratio of -61.22, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) 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 analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business earned $0.17 earnings per share. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is -21.24%.

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.