Covestor Ltd Boosts Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Covestor Ltd raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 231.1% during the first quarter, Holdings Channel reports. The fund owned 1,311 shares of the semiconductor company’s stock after buying an additional 915 shares during the period. Covestor Ltd’s holdings in Marvell Technology were worth $93,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Orion Portfolio Solutions LLC grew its holdings in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the period. Benjamin F. Edwards & Company Inc. boosted its holdings in Marvell Technology by 157.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after buying an additional 472 shares during the period. Hoylecohen LLC bought a new stake in Marvell Technology during the 4th quarter valued at $658,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after acquiring an additional 88,918 shares in the last quarter. Finally, US Bancorp DE boosted its holdings in shares of Marvell Technology by 8.6% in the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock worth $11,178,000 after acquiring an additional 14,651 shares during the period. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

MRVL has been the subject of several analyst reports. KeyCorp raised their target price on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Barclays boosted their target price on Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research report on Friday, May 31st. Evercore ISI lifted their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research note on Friday, May 31st. Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Wednesday, March 27th. Finally, Morgan Stanley boosted their price objective on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $85.50.

Marvell Technology Stock Down 4.3 %

Shares of MRVL traded down $2.94 during mid-day trading on Wednesday, reaching $65.45. The company had a trading volume of 3,236,046 shares, compared to its average volume of 12,589,859. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The company has a market capitalization of $56.65 billion, a price-to-earnings ratio of -59.51, a price-to-earnings-growth ratio of 3.27 and a beta of 1.47. The firm has a 50-day moving average price of $71.77 and a 200 day moving average price of $69.93. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting the consensus estimate of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the company earned $0.17 earnings per share. The company’s revenue was down 12.2% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend is Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $68.57, for a total transaction of $342,850.00. Following the completion of the transaction, the executive vice president now directly owns 119,719 shares in the company, valued at approximately $8,209,131.83. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 100,000 shares of company stock worth $7,255,235. 0.33% of the stock is owned by insiders.

Marvell Technology Company 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.