BNP Paribas Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

BNP Paribas boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 84,142 shares of the semiconductor company’s stock after purchasing an additional 1,133 shares during the quarter. BNP Paribas’ holdings in Marvell Technology were worth $6,016,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the business. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Marvell Technology by 274.2% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 300,663 shares of the semiconductor company’s stock valued at $21,684,000 after buying an additional 220,324 shares in the last quarter. Blueshift Asset Management LLC purchased a new position in shares of Marvell Technology in the 3rd quarter worth approximately $215,000. Townsquare Capital LLC increased its position in shares of Marvell Technology by 54.9% during the 3rd quarter. Townsquare Capital LLC now owns 11,669 shares of the semiconductor company’s stock valued at $842,000 after purchasing an additional 4,136 shares during the last quarter. M.D. Sass LLC increased its position in Marvell Technology by 5.2% during the third quarter. M.D. Sass LLC now owns 1,059,581 shares of the semiconductor company’s stock valued at $76,417,000 after acquiring an additional 52,200 shares during the last quarter. Finally, Brooklyn Investment Group raised its stake in shares of Marvell Technology by 13.9% in the third quarter. Brooklyn Investment Group now owns 4,323 shares of the semiconductor company’s stock valued at $312,000 after acquiring an additional 526 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 20.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 1.0 %

Shares of NASDAQ:MRVL opened at $93.14 on Wednesday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $82.54 billion, a PE ratio of -83.91, a P/E/G ratio of 4.01 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.55. The business’s fifty day simple moving average is $81.45 and its 200-day simple moving average is $73.93.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the company posted $0.18 earnings per share. The firm’s revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. 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 report on Friday, August 30th. Loop Capital started coverage on Marvell Technology in a research note on Monday, November 11th. They set a “hold” rating and a $95.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley boosted their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Benchmark lifted their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $95.39.

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.