Legacy Advisors LLC Has $331,000 Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Legacy Advisors LLC lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 20.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,372 shares of the semiconductor company’s stock after purchasing an additional 904 shares during the quarter. Legacy Advisors LLC’s holdings in Marvell Technology were worth $331,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Rialto Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter valued at about $27,000. Lee Danner & Bass Inc. acquired a new stake in Marvell Technology in the fourth quarter valued at about $35,000. Capital Analysts LLC boosted its stake in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after buying an additional 241 shares in the last quarter. Chelsea Counsel Co. acquired a new stake in Marvell Technology in the fourth quarter valued at about $44,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Marvell Technology in the fourth quarter valued at about $45,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on MRVL. Deutsche Bank Aktiengesellschaft cut their price target on Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. Redburn Atlantic began coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a “neutral” rating and a $67.00 price target on the stock. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Citigroup cut their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, Wells Fargo & Company cut their price target on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Friday, May 30th. Six investment analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $96.33.

Marvell Technology Trading Up 1.0%

Shares of Marvell Technology stock opened at $75.93 on Thursday. The stock has a fifty day simple moving average of $63.30 and a 200 day simple moving average of $83.65. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a market capitalization of $65.59 billion, a P/E ratio of -133.21, a price-to-earnings-growth ratio of 0.82 and a beta of 1.76. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. Marvell Technology’s revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the sale, the chief accounting officer now directly owns 32,094 shares in the company, valued at $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,394 shares of company stock valued at $1,656,076. Insiders own 0.19% of the company’s stock.

Marvell Technology Profile

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.