Foresight Capital Management Advisors Inc. Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Foresight Capital Management Advisors Inc. lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 5.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,468 shares of the semiconductor company’s stock after purchasing an additional 226 shares during the quarter. Foresight Capital Management Advisors Inc.’s holdings in Marvell Technology were worth $275,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $27,000. Lee Danner & Bass Inc. acquired a new stake in shares of Marvell Technology in the 4th quarter worth $35,000. Capital Analysts LLC boosted its position in shares of Marvell Technology by 236.3% in the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $44,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Down 0.4%

Shares of Marvell Technology stock opened at $68.84 on Wednesday. The stock has a market cap of $59.47 billion, a P/E ratio of -40.49, a P/E/G ratio of 1.61 and a beta of 1.76. The stock’s 50 day simple moving average is $59.21 and its 200-day simple moving average is $85.66. Marvell Technology, Inc. has a 1-year low of $47.09 and a 1-year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the prior year, the firm posted $0.24 earnings per share. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. Analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. Insiders own 0.19% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MRVL. Bank of America lowered their price objective on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Citigroup lowered their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $60.00 price target on shares of Marvell Technology in a research report on Friday, May 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price target on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a research report on Friday, May 30th. Seven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.73.

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.