Wealthfront Advisers LLC Acquires 30,034 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Wealthfront Advisers LLC increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 61.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 79,291 shares of the semiconductor company’s stock after buying an additional 30,034 shares during the period. Wealthfront Advisers LLC’s holdings in Marvell Technology were worth $4,882,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Norges Bank bought a new position in Marvell Technology during the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC grew its holdings in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. lifted its position in Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the transaction, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares in the company, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock valued at $1,656,076 in the last ninety days. 0.19% of the stock is currently owned by company insiders.

Marvell Technology Stock Performance

Shares of MRVL opened at $72.01 on Friday. The stock has a market capitalization of $62.20 billion, a price-to-earnings ratio of -126.33, a PEG ratio of 0.77 and a beta of 1.81. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm has a fifty day simple moving average of $68.81 and a 200 day simple moving average of $79.37. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 negative net margin of 7.56% and a positive return on equity of 8.42%. The company’s revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. Research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio (DPR) is -42.11%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MRVL. KeyCorp reduced their price target on shares of Marvell Technology from $115.00 to $90.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Raymond James Financial reaffirmed an “outperform” rating and set a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. TD Cowen boosted their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Loop Capital decreased their target price on shares of Marvell Technology from $110.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, May 30th. Finally, The Goldman Sachs Group started coverage on shares of Marvell Technology in a research note on Thursday, July 10th. They set a “neutral” rating and a $75.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $94.47.

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.