Candriam S.C.A. Increases Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Candriam S.C.A. lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 715,520 shares of the semiconductor company’s stock after acquiring an additional 2,250 shares during the period. Candriam S.C.A. owned approximately 0.08% of Marvell Technology worth $50,013,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of MRVL. Arizona State Retirement System boosted its holdings in Marvell Technology by 1.2% during the second quarter. Arizona State Retirement System now owns 251,058 shares of the semiconductor company’s stock worth $17,549,000 after buying an additional 2,975 shares in the last quarter. Denver PWM LLC bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $110,000. First Business Financial Services Inc. acquired a new position in Marvell Technology in the second quarter worth about $219,000. TD Asset Management Inc boosted its stake in shares of Marvell Technology by 0.9% in the 2nd quarter. TD Asset Management Inc now owns 2,172,047 shares of the semiconductor company’s stock valued at $151,826,000 after purchasing an additional 20,176 shares in the last quarter. Finally, Adell Harriman & Carpenter Inc. raised its position in Marvell Technology by 72.9% in the 2nd quarter. Adell Harriman & Carpenter Inc. now owns 78,248 shares of the semiconductor company’s stock valued at $5,470,000 after purchasing an additional 32,980 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MRVL shares. The Goldman Sachs Group upped their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Oppenheimer reissued an “outperform” rating and issued a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI boosted their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday, September 2nd. Two equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Down 5.3 %

Marvell Technology stock opened at $66.20 on Friday. The stock’s 50 day moving average price is $68.15 and its 200 day moving average price is $69.58. The company has a market cap of $57.30 billion, a PE ratio of -58.58, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The company’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology’s payout ratio is presently -21.24%.

Insider Buying and Selling at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock valued at $4,872,620 in the last 90 days. 0.33% of the stock is currently owned by corporate 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.