Marvell Technology, Inc. (NASDAQ:MRVL) Stake Boosted by Forum Financial Management LP

Forum Financial Management LP boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,984 shares of the semiconductor company’s stock after purchasing an additional 471 shares during the quarter. Forum Financial Management LP’s holdings in Marvell Technology were worth $768,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Yousif Capital Management LLC lifted its position in Marvell Technology by 2.4% in the 4th quarter. Yousif Capital Management LLC now owns 13,306 shares of the semiconductor company’s stock valued at $802,000 after purchasing an additional 311 shares during the last quarter. Retirement Systems of Alabama bought a new position in shares of Marvell Technology in the fourth quarter worth $4,885,000. Mission Wealth Management LP increased its holdings in shares of Marvell Technology by 3.9% during the fourth quarter. Mission Wealth Management LP now owns 15,567 shares of the semiconductor company’s stock valued at $939,000 after purchasing an additional 590 shares during the period. Brighton Jones LLC bought a new stake in shares of Marvell Technology during the fourth quarter valued at about $587,000. Finally, Howe & Rusling Inc. acquired a new stake in Marvell Technology in the fourth quarter worth about $2,710,000. 83.51% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday. Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday. Rosenblatt Securities lifted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Up 9.2 %

Shares of Marvell Technology stock opened at $76.24 on Friday. The firm has a market cap of $65.99 billion, a price-to-earnings ratio of -67.47, a P/E/G ratio of 2.99 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 52-week low of $46.07 and a 52-week high of $85.76. The stock has a 50-day simple moving average of $67.95 and a 200-day simple moving average of $69.46.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.18 EPS. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were issued a $0.06 dividend. The ex-dividend date was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.31%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the company’s stock in a transaction on Monday, June 24th. The shares were bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the transaction, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is currently 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.