Raymond James & Associates Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James & Associates lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 29.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 920,632 shares of the semiconductor company’s stock after purchasing an additional 206,872 shares during the period. Raymond James & Associates owned about 0.11% of Marvell Technology worth $55,523,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of MRVL. MetLife Investment Management LLC purchased a new stake in Marvell Technology during the first quarter valued at approximately $1,210,000. Yousif Capital Management LLC lifted its position in Marvell Technology by 6.6% during the first 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 last quarter. Raymond James Trust N.A. lifted its position in Marvell Technology by 2.8% during the first 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 last quarter. Cetera Investment Advisers lifted its position in Marvell Technology by 20.6% during the first 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 last quarter. Finally, Sequoia Financial Advisors LLC lifted its position in Marvell Technology by 35.5% during the first 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 last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 5.9 %

MRVL opened at $72.31 on Thursday. Marvell Technology, Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a fifty day moving average of $69.74 and a two-hundred day moving average of $60.32. The stock has a market capitalization of $62.62 billion, a price-to-earnings ratio of -66.95, a PEG ratio of 4.85 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, research analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Marvell Technology declared that its board has authorized a share repurchase 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 typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MRVL. Piper Sandler decreased their target price on shares of Marvell Technology from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Friday, December 1st. B. Riley restated a “buy” rating and set a $95.00 price target (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Needham & Company LLC restated a “buy” rating and set a $65.00 price target on shares of Marvell Technology in a research note on Friday, December 1st. KeyCorp cut their price target on shares of Marvell Technology from $80.00 to $70.00 and set an “overweight” rating on the stock in a research note on Friday, December 1st. Finally, StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $75.75.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 99,730 shares in the company, valued at $5,983,800. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the sale, the chief financial officer now owns 99,730 shares in the company, valued at $5,983,800. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total transaction of $326,300.00. Following the transaction, the executive vice president now owns 124,117 shares in the company, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders have sold a total of 138,000 shares of company stock worth $8,983,290 over the last 90 days. 0.45% of the stock is currently owned by company insiders.

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.