Highland Capital Management LLC Has $5.35 Million Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Highland Capital Management LLC raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 88,710 shares of the semiconductor company’s stock after purchasing an additional 640 shares during the period. Highland Capital Management LLC’s holdings in Marvell Technology were worth $5,350,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. MetLife Investment Management LLC bought a new stake in shares of Marvell Technology during the 1st quarter valued at $1,210,000. Yousif Capital Management LLC lifted its position in shares of Marvell Technology by 6.6% during the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after acquiring an additional 925 shares during the period. Raymond James Trust N.A. lifted its position in shares of Marvell Technology by 2.8% during the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock valued at $917,000 after acquiring an additional 344 shares during the period. Cetera Investment Advisers lifted its position in shares of Marvell Technology by 20.6% during the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock valued at $2,056,000 after acquiring an additional 4,888 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its position in shares of Marvell Technology by 35.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after acquiring an additional 1,337 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Trading Up 5.9 %

Shares of NASDAQ:MRVL opened at $72.31 on Thursday. The business’s 50 day simple moving average is $69.74 and its two-hundred day simple moving average is $60.32. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $36.90 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology announced that its Board of Directors has approved a share buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s payout ratio is currently -22.22%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ford Tamer sold 30,000 shares of Marvell Technology stock in a transaction on Monday, January 8th. The stock was sold at an average price of $60.20, for a total value of $1,806,000.00. Following the sale, the director now owns 40,403 shares in the company, valued at $2,432,260.60. The disclosure for this sale can be found here. Insiders have sold 138,000 shares of company stock worth $8,983,290 over the last 90 days. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the company. KeyCorp cut their target price on Marvell Technology from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, December 1st. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Cantor Fitzgerald initiated coverage on Marvell Technology in a report on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Benchmark reaffirmed a “buy” rating and issued a $75.00 target price on shares of Marvell Technology in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $75.75.

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.