Meridiem Investment Management Ltd. Buys New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Meridiem Investment Management Ltd. bought a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 2,500 shares of the semiconductor company’s stock, valued at approximately $180,000.

Other hedge funds have also made changes to their positions in the company. Davidson Kempner Capital Management LP lifted its stake in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after buying an additional 52,365 shares during the period. Diversified Trust Co bought a new stake in shares of Marvell Technology in the second quarter valued at about $932,000. Orion Portfolio Solutions LLC lifted its stake in shares of Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after buying an additional 10,306 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Marvell Technology by 20.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after buying an additional 88,918 shares during the period. Institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MRVL. Piper Sandler reiterated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Barclays increased their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. KeyCorp increased their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Bank of America increased their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Citigroup reaffirmed a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction 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 sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 0.00 % 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 business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 255,000 shares of company stock worth $19,846,215. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 0.1 %

Shares of NASDAQ:MRVL traded down $0.06 during midday trading on Friday, reaching $79.85. 5,995,981 shares of the company were exchanged, compared to its average volume of 12,381,429. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $71.99 and a two-hundred day simple moving average of $70.23. The firm has a market cap of $69.12 billion, a PE ratio of -70.66, a P/E/G ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the business posted $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.30%. Marvell Technology’s payout ratio is currently -21.24%.

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.