Eastern Bank Buys Shares of 135,828 Marvell Technology, Inc. (NASDAQ:MRVL)

Eastern Bank purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 135,828 shares of the semiconductor company’s stock, valued at approximately $9,740,000.

Several other large investors also recently made changes to their positions in the business. BlackRock Inc. lifted its position in shares of Marvell Technology by 3.4% in the fourth quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock worth $6,190,323,000 after buying an additional 2,305,751 shares during the last quarter. State Street Corp lifted its position in shares of Marvell Technology by 2.0% in the fourth quarter. State Street Corp now owns 18,457,563 shares of the semiconductor company’s stock worth $1,614,852,000 after buying an additional 365,469 shares during the last quarter. Brown Advisory Inc. lifted its position in shares of Marvell Technology by 20.7% in the fourth quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock worth $1,115,193,000 after buying an additional 2,188,891 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Marvell Technology by 5.4% in the fourth quarter. Geode Capital Management LLC now owns 10,725,727 shares of the semiconductor company’s stock worth $936,999,000 after buying an additional 545,124 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Marvell Technology in the fourth quarter worth about $651,354,000. 83.11% of the stock is owned by institutional investors.

Several equities analysts recently weighed in on MRVL shares. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a research report on Friday, March 4th. UBS Group cut their price objective on Marvell Technology from $95.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, May 23rd. Cowen cut their price objective on Marvell Technology from $100.00 to $85.00 and set an “outperform” rating for the company in a research report on Friday, May 27th. Morgan Stanley cut their price objective on Marvell Technology from $68.00 to $62.00 and set an “equal weight” rating for the company in a research report on Friday, June 10th. Finally, Deutsche Bank Aktiengesellschaft cut their price objective on Marvell Technology from $80.00 to $75.00 in a research report on Friday, May 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-five have given a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.62.

In other news, insider Muhammad Raghib Hussain sold 45,782 shares of the stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $61.08, for a total value of $2,796,364.56. Following the transaction, the insider now owns 618,298 shares of the company’s stock, valued at approximately $37,765,641.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ford Tamer sold 48,051 shares of the stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $71.61, for a total value of $3,440,932.11. Following the completion of the transaction, the director now directly owns 331,083 shares in the company, valued at approximately $23,708,853.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 186,216 shares of company stock worth $11,757,203. Company insiders own 0.45% of the company’s stock.

NASDAQ MRVL traded down $1.01 during trading hours on Friday, reaching $42.52. 198,479 shares of the company’s stock were exchanged, compared to its average volume of 11,073,611. The stock has a market cap of $36.14 billion, a PE ratio of -71.36, a price-to-earnings-growth ratio of 1.58 and a beta of 1.27. Marvell Technology, Inc. has a one year low of $42.54 and a one year high of $93.85. The firm has a fifty day moving average of $54.40 and a 200-day moving average of $66.59. The company has a current ratio of 1.67, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29.

Marvell Technology (NASDAQ:MRVLGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.37 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.37. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The firm had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same quarter in the prior year, the business earned $0.15 EPS. The business’s revenue for the quarter was up 73.8% compared to the same quarter last year. As a group, research analysts forecast that Marvell Technology, Inc. will post 1.7 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 27th. Shareholders of record on Friday, July 8th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.56%. The ex-dividend date is Thursday, July 7th. Marvell Technology’s dividend payout ratio is -39.34%.

Marvell Technology Profile (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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