Marsico Capital Management LLC Buys 45,049 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Marsico Capital Management LLC increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 79.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 101,435 shares of the semiconductor company’s stock after acquiring an additional 45,049 shares during the quarter. Marsico Capital Management LLC’s holdings in Marvell Technology were worth $7,090,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC lifted its stake in Marvell Technology by 17.7% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 58,531 shares of the semiconductor company’s stock worth $4,075,000 after purchasing an additional 8,823 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Marvell Technology by 21.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock worth $2,344,000 after buying an additional 5,969 shares in the last quarter. Argent Trust Co boosted its stake in Marvell Technology by 4.2% in the second quarter. Argent Trust Co now owns 6,753 shares of the semiconductor company’s stock valued at $472,000 after buying an additional 275 shares in the last quarter. Lingotto Investment Management LLP bought a new position in Marvell Technology in the second quarter valued at about $2,097,000. Finally, Andar Capital Management HK Ltd raised its stake in Marvell Technology by 12.5% during the second quarter. Andar Capital Management HK Ltd now owns 67,500 shares of the semiconductor company’s stock worth $4,718,000 after acquiring an additional 7,500 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Down 0.9 %

NASDAQ:MRVL opened at $72.77 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The company has a market cap of $62.99 billion, a PE ratio of -64.40, a PEG ratio of 3.29 and a beta of 1.46. The firm has a 50-day moving average of $68.20 and a 200-day moving average of $69.77.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the business earned $0.18 EPS. The business’s revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of research reports. Barclays boosted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares of the company’s stock, valued at $8,150,293.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the transaction, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 160,000 shares of company stock valued at $11,878,785. 0.33% of the stock is owned by insiders.

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.