J.W. Cole Advisors Inc. Increases Stake in Marvell Technology, Inc. $MRVL

J.W. Cole Advisors Inc. increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 16.7% during the second quarter, Holdings Channel reports. The institutional investor owned 23,051 shares of the semiconductor company’s stock after buying an additional 3,294 shares during the quarter. J.W. Cole Advisors Inc.’s holdings in Marvell Technology were worth $1,784,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Financial Connections Group Inc. increased its holdings in Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 388 shares during the last quarter. Game Plan Financial Advisors LLC purchased a new position in shares of Marvell Technology in the 2nd quarter valued at about $27,000. Vision Financial Markets LLC acquired a new stake in shares of Marvell Technology during the 1st quarter worth about $28,000. Kiker Wealth Management LLC lifted its stake in Marvell Technology by 374.7% during the second quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 281 shares during the last quarter. Finally, Westside Investment Management Inc. boosted its holdings in Marvell Technology by 62.5% in the second quarter. Westside Investment Management Inc. now owns 416 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 160 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $75.00 price objective on shares of Marvell Technology in a research report on Friday, August 29th. The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $72.00 to $80.00 and gave the company a “neutral” rating in a research report on Tuesday, November 18th. TD Cowen reissued a “hold” rating and issued a $85.00 target price (down from $90.00) on shares of Marvell Technology in a research report on Wednesday, October 1st. Susquehanna lifted their price target on Marvell Technology from $80.00 to $100.00 and gave the stock a “positive” rating in a research report on Tuesday. Finally, Needham & Company LLC increased their price target on shares of Marvell Technology from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and fifteen have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $94.41.

Marvell Technology Stock Up 1.7%

MRVL stock opened at $89.24 on Friday. The stock has a market capitalization of $76.93 billion, a PE ratio of -686.44, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95. The company has a fifty day moving average of $86.07 and a 200-day moving average of $76.07. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 1.88. Marvell Technology, Inc. has a one year low of $47.08 and a one year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.67. The firm had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The firm’s revenue for the quarter was up 57.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. As a group, analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, October 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -184.62%.

Marvell Technology announced that its board has initiated a share buyback plan on Wednesday, September 24th that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 7.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes purchased 3,400 shares of the business’s stock in a transaction dated Thursday, September 25th. The stock was acquired at an average price of $78.03 per share, for a total transaction of $265,302.00. Following the acquisition, the chief financial officer directly owned 132,159 shares of the company’s stock, valued at $10,312,366.77. This trade represents a 2.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Chris Koopmans acquired 6,800 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 25th. The stock was bought at an average price of $78.03 per share, with a total value of $530,604.00. Following the purchase, the chief operating officer directly owned 104,825 shares of the company’s stock, valued at approximately $8,179,494.75. This trade represents a 6.94% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought 27,200 shares of company stock valued at $2,109,632 in the last three months. 0.19% of the stock is owned by corporate 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.