NorthCrest Asset Manangement LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

NorthCrest Asset Manangement LLC acquired a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,638 shares of the semiconductor company’s stock, valued at approximately $581,000.

Several other institutional investors and hedge funds also recently modified their holdings of MRVL. American Century Companies Inc. lifted its stake in shares of Marvell Technology by 3.7% in the third quarter. American Century Companies Inc. now owns 2,150,230 shares of the semiconductor company’s stock worth $129,680,000 after acquiring an additional 77,498 shares in the last quarter. Truist Financial Corp lifted its stake in shares of Marvell Technology by 4.0% in the third quarter. Truist Financial Corp now owns 90,895 shares of the semiconductor company’s stock worth $5,482,000 after acquiring an additional 3,513 shares in the last quarter. Tufton Capital Management acquired a new position in shares of Marvell Technology in the fourth quarter worth about $244,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Marvell Technology in the third quarter worth about $2,261,000. Finally, Cetera Investment Advisers lifted its stake in shares of Marvell Technology by 50.1% in the third quarter. Cetera Investment Advisers now owns 21,937 shares of the semiconductor company’s stock worth $1,323,000 after acquiring an additional 7,326 shares in the last quarter. Institutional investors own 83.11% of the company’s stock.

In other Marvell Technology news, EVP Dan Christman sold 15,000 shares of the stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $75.87, for a total transaction of $1,138,050.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Loi Nguyen sold 9,189 shares of the company’s stock in a transaction that occurred on Tuesday, April 26th. The stock was sold at an average price of $60.00, for a total transaction of $551,340.00. Following the sale, the executive vice president now directly owns 207,687 shares of the company’s stock, valued at approximately $12,461,220. The disclosure for this sale can be found here. Insiders have sold a total of 238,800 shares of company stock worth $15,841,829 over the last three months. Insiders own 0.29% of the company’s stock.

Several analysts have issued reports on the company. Piper Sandler cut their price objective on Marvell Technology from $100.00 to $80.00 in a research note on Friday, March 4th. Susquehanna upped their target price on Marvell Technology from $100.00 to $105.00 and gave the company a “positive” rating in a report on Monday, March 7th. Wells Fargo & Company lowered their target price on Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating for the company in a report on Friday, March 4th. Susquehanna Bancshares increased their price objective on Marvell Technology from $100.00 to $105.00 in a report on Monday, March 7th. Finally, Zacks Investment Research lowered Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $76.00 price target for the company. in a research note on Wednesday, February 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of “Buy” and an average price target of $95.00.

Shares of Marvell Technology stock opened at $62.91 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.80 and a quick ratio of 1.28. The firm has a 50 day simple moving average of $65.57 and a 200 day simple moving average of $72.48. Marvell Technology, Inc. has a fifty-two week low of $40.79 and a fifty-two week high of $93.85.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its earnings results on Thursday, March 3rd. The semiconductor company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.32 billion. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The business’s quarterly revenue was up 68.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.21 EPS. On average, analysts expect that Marvell Technology, Inc. will post 1.66 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 27th. Shareholders of record on Friday, April 8th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, April 7th. This represents a $0.24 annualized dividend and a yield of 0.38%. Marvell Technology’s dividend payout ratio (DPR) is presently -44.44%.

Marvell Technology Company Profile (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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