Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Salem Investment Counselors Inc.

Salem Investment Counselors Inc. increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 164.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,035 shares of the semiconductor company’s stock after acquiring an additional 3,753 shares during the period. Salem Investment Counselors Inc.’s holdings in Marvell Technology were worth $372,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Centricity Wealth Management LLC acquired a new position in Marvell Technology during the fourth quarter worth $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter worth $27,000. Lee Danner & Bass Inc. purchased a new stake in Marvell Technology during the fourth quarter worth $35,000. Capital Analysts LLC boosted its position in Marvell Technology by 236.3% during the fourth 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 purchased a new stake in Marvell Technology during the fourth quarter worth $44,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research analyst reports. Redburn Atlantic initiated coverage on Marvell Technology in a research report on Wednesday, May 28th. They set a “neutral” rating and a $67.00 target price on the stock. B. Riley decreased their target price on Marvell Technology from $135.00 to $110.00 and set a “buy” rating on the stock in a research report on Monday, May 19th. Melius downgraded Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 target price on the stock. in a research report on Thursday, May 22nd. Citigroup decreased their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Bank of America decreased their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $94.73.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $67.19 on Friday. The business’s 50-day moving average price is $60.30 and its 200 day moving average price is $85.20. Marvell Technology, Inc. has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a market capitalization of $58.04 billion, a PE ratio of -39.52, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology’s dividend payout ratio (DPR) is -42.11%.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the firm’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the sale, the chief accounting officer now owns 30,855 shares in the company, valued at approximately $2,005,883.55. The trade was a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock worth $2,079,948 in the last three months. 0.19% of the stock is currently owned by company insiders.

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.