Mercer Global Advisors Inc. ADV Acquires 4,961 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Posted by MarketBeat News on May 21st, 2023

Mercer Global Advisors Inc. ADV boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 42.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,722 shares of the semiconductor company’s stock after buying an additional 4,961 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in Marvell Technology were worth $619,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Marvell Technology by 0.9% in the third quarter. Vanguard Group Inc. now owns 66,690,673 shares of the semiconductor company’s stock worth $2,861,697,000 after purchasing an additional 598,783 shares in the last quarter. State Street Corp increased its stake in shares of Marvell Technology by 0.9% in the third quarter. State Street Corp now owns 18,704,836 shares of the semiconductor company’s stock worth $802,625,000 after purchasing an additional 162,854 shares in the last quarter. Fisher Asset Management LLC increased its stake in shares of Marvell Technology by 2,626.8% in the third quarter. Fisher Asset Management LLC now owns 11,556,965 shares of the semiconductor company’s stock worth $495,909,000 after purchasing an additional 11,133,134 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Marvell Technology by 15.9% in the third quarter. Brown Advisory Inc. now owns 11,194,297 shares of the semiconductor company’s stock worth $480,348,000 after purchasing an additional 1,534,769 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Marvell Technology by 6.9% in the third quarter. Bank of New York Mellon Corp now owns 6,303,720 shares of the semiconductor company’s stock worth $270,492,000 after purchasing an additional 406,431 shares in the last quarter. 81.28% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

Marvell Technology stock opened at $45.46 on Friday. The firm has a market capitalization of $39.06 billion, a PE ratio of -239.26, a price-to-earnings-growth ratio of 15.53 and a beta of 1.44. Marvell Technology, Inc. has a 12-month low of $33.75 and a 12-month high of $61.50. The firm has a 50-day moving average price of $40.49 and a 200-day moving average price of $41.30. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.

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Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). The company had revenue of $1.42 billion during the quarter, compared to analysts’ expectations of $1.41 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.86 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Friday, April 7th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.53%. The ex-dividend date was Wednesday, April 5th. Marvell Technology’s dividend payout ratio is presently -126.32%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on MRVL shares. Needham & Company LLC reaffirmed a “buy” rating and set a $50.00 target price on shares of Marvell Technology in a research note on Friday, March 3rd. Credit Suisse Group cut their target price on shares of Marvell Technology from $56.00 to $53.00 and set an “outperform” rating for the company in a research note on Friday, March 3rd. Citigroup cut their target price on shares of Marvell Technology from $65.00 to $58.00 in a research note on Friday, March 3rd. Susquehanna reaffirmed a “positive” rating and set a $50.00 target price on shares of Marvell Technology in a research note on Thursday, March 9th. Finally, Raymond James started coverage on shares of Marvell Technology in a research note on Wednesday, March 1st. They set an “outperform” rating and a $54.00 target price for the company. Three analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $58.00.

Insider Buying and Selling

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $45.00, for a total value of $270,000.00. Following the transaction, the executive vice president now owns 12,879 shares of the company’s stock, valued at approximately $579,555. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.45% of the stock is currently owned by insiders.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.