Sciencast Management LP Takes $1.05 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sciencast Management LP purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,794 shares of the semiconductor company’s stock, valued at approximately $1,049,000.

Several other hedge funds have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. grew its stake in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group boosted its stake in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology in the 1st quarter valued at $31,000. Finally, Raleigh Capital Management Inc. increased its stake in Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 527 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on 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 directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology 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 value of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders have sold 131,000 shares of company stock valued at $9,357,740 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Stock Up 2.0 %

Shares of MRVL stock traded up $1.41 during midday trading on Friday, reaching $73.59. 10,186,691 shares of the stock were exchanged, compared to its average volume of 12,787,462. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76. The company’s 50 day moving average is $71.58 and its two-hundred day moving average is $69.29. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The firm has a market cap of $63.70 billion, a PE ratio of -65.12, a price-to-earnings-growth ratio of 3.55 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Jefferies Financial Group assumed coverage on Marvell Technology in a research report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective on the stock. Finally, Morgan Stanley boosted their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $85.24.

About Marvell Technology

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.