Assetmark Inc. Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Assetmark Inc. lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 86.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,929 shares of the semiconductor company’s stock after purchasing an additional 892 shares during the period. Assetmark Inc.’s holdings in Marvell Technology were worth $83,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Canton Hathaway LLC purchased a new stake in shares of Marvell Technology in the second quarter valued at approximately $28,000. Arlington Partners LLC purchased a new stake in shares of Marvell Technology in the second quarter valued at approximately $29,000. Deseret Mutual Benefit Administrators boosted its holdings in shares of Marvell Technology by 140.3% in the second quarter. Deseret Mutual Benefit Administrators now owns 668 shares of the semiconductor company’s stock valued at $29,000 after purchasing an additional 390 shares during the period. Crewe Advisors LLC boosted its holdings in shares of Marvell Technology by 38.5% in the second quarter. Crewe Advisors LLC now owns 734 shares of the semiconductor company’s stock valued at $32,000 after purchasing an additional 204 shares during the period. Finally, Worth Asset Management LLC purchased a new stake in shares of Marvell Technology in the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Marvell Technology Price Performance

NASDAQ MRVL opened at $39.48 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 0.92. The stock’s fifty day moving average price is $40.30 and its 200 day moving average price is $44.43. Marvell Technology, Inc. has a 1 year low of $33.75 and a 1 year high of $78.19. The company has a market cap of $33.68 billion, a price-to-earnings ratio of -246.75, a PEG ratio of 2.49 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its earnings results on Thursday, December 1st. The semiconductor company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.02). Marvell Technology had a negative net margin of 2.43% and a positive return on equity of 8.50%. The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.56 billion. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 1.5 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.61%. The ex-dividend date of this dividend is Thursday, January 5th. Marvell Technology’s payout ratio is -150.00%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CAO Willem A. Meintjes sold 10,000 shares of the company’s stock in a transaction on Friday, January 6th. The shares were sold at an average price of $34.92, for a total value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company’s stock, valued at $2,545,528.32. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

MRVL has been the subject of a number of research reports. The Goldman Sachs Group lowered their price target on Marvell Technology from $62.00 to $54.00 and set a “buy” rating for the company in a report on Friday, December 2nd. Oppenheimer lowered their target price on Marvell Technology from $80.00 to $70.00 in a report on Tuesday, January 10th. Deutsche Bank Aktiengesellschaft lowered their target price on Marvell Technology from $65.00 to $55.00 and set a “buy” rating for the company in a report on Tuesday, October 18th. B. Riley lowered their target price on Marvell Technology from $63.00 to $52.00 and set a “neutral” rating for the company in a report on Tuesday, October 4th. Finally, Needham & Company LLC lowered their target price on Marvell Technology from $64.00 to $50.00 and set a “buy” rating for the company in a report on Friday, December 2nd. Four research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $63.92.

About Marvell Technology

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.