Raymond James Trust N.A. Purchases 2,652 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James Trust N.A. grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 16.7% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 18,578 shares of the semiconductor company’s stock after buying an additional 2,652 shares during the quarter. Raymond James Trust N.A.’s holdings in Marvell Technology were worth $1,299,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Calamos Advisors LLC raised its stake in shares of Marvell Technology by 14.4% during the second quarter. Calamos Advisors LLC now owns 264,625 shares of the semiconductor company’s stock valued at $18,497,000 after acquiring an additional 33,226 shares during the last quarter. Calamos Wealth Management LLC bought a new position in Marvell Technology in the second quarter worth about $9,335,000. Ceredex Value Advisors LLC raised its stake in Marvell Technology by 10.4% in the second quarter. Ceredex Value Advisors LLC now owns 1,852,488 shares of the semiconductor company’s stock worth $129,489,000 after buying an additional 174,287 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in Marvell Technology by 2.7% in the second quarter. Bank Pictet & Cie Europe AG now owns 63,335 shares of the semiconductor company’s stock worth $4,427,000 after buying an additional 1,640 shares in the last quarter. Finally, LRI Investments LLC raised its stake in Marvell Technology by 159.5% in the second quarter. LRI Investments LLC now owns 6,591 shares of the semiconductor company’s stock worth $461,000 after buying an additional 4,051 shares in the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Up 4.6 %

Shares of NASDAQ:MRVL traded up $3.18 during trading on Friday, reaching $71.84. 12,982,763 shares of the stock traded hands, compared to its average volume of 12,507,469. The stock has a 50-day moving average of $68.15 and a two-hundred day moving average of $69.44. The stock has a market cap of $62.18 billion, a P/E ratio of -63.58, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting 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 company’s revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 EPS. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction 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 transaction, the executive vice president now owns 115,318 shares in the company, valued at approximately $8,466,647.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction 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 transaction, the executive vice president now owns 115,318 shares in the company, valued at approximately $8,466,647.56. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel Durn bought 1,425 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were purchased at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders have sold 65,500 shares of company stock worth $4,872,620 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on MRVL. Barclays increased their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. Stifel Nicolaus increased their price target on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Morgan Stanley increased 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 note on Friday, May 31st. B. Riley increased their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Finally, Oppenheimer restated an “outperform” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.50.

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.