Jupiter Asset Management Ltd. Acquires New Shares in Marvell Technology, Inc. (NASDAQ:MRVL)

Jupiter Asset Management Ltd. acquired a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 58,678 shares of the semiconductor company’s stock, valued at approximately $3,508,000.

Several other hedge funds also recently modified their holdings of MRVL. Barrett & Company Inc. acquired a new position in Marvell Technology during the 1st quarter worth about $26,000. Lindbrook Capital LLC lifted its holdings in Marvell Technology by 67.6% during the 2nd quarter. Lindbrook Capital LLC now owns 429 shares of the semiconductor company’s stock worth $26,000 after buying an additional 173 shares during the period. Versant Capital Management Inc lifted its holdings in Marvell Technology by 76.9% during the 2nd quarter. Versant Capital Management Inc now owns 474 shares of the semiconductor company’s stock worth $28,000 after buying an additional 206 shares during the period. Resurgent Financial Advisors LLC acquired a new position in Marvell Technology during the 4th quarter worth about $28,000. Finally, KB Financial Partners LLC acquired a new position in Marvell Technology during the 1st quarter worth about $32,000. Institutional investors and hedge funds own 83.32% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MRVL. Susquehanna lifted their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, August 23rd. Bank of America lowered their price objective on Marvell Technology from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, August 25th. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Wednesday, September 20th. Evercore ISI lowered their price objective on Marvell Technology from $70.00 to $60.00 in a research report on Thursday, October 5th. Finally, Roth Mkm began coverage on Marvell Technology in a research report on Tuesday, November 14th. They issued a “buy” rating and a $60.00 price objective for the company. Two research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $66.11.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $55.57, for a total value of $111,140.00. Following the transaction, the executive vice president now owns 134,737 shares in the company, valued at $7,487,335.09. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Chris Koopmans sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $55.57, for a total value of $111,140.00. Following the transaction, the executive vice president now owns 134,737 shares in the company, valued at $7,487,335.09. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $53.36, for a total value of $1,600,800.00. Following the sale, the chief executive officer now owns 869,287 shares in the company, valued at approximately $46,385,154.32. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,000 shares of company stock worth $3,940,490. Insiders own 0.45% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $55.58 on Friday. Marvell Technology, Inc. has a twelve month low of $33.75 and a twelve month high of $67.99. The stock’s 50 day moving average price is $52.56 and its 200-day moving average price is $55.67. The company has a market capitalization of $47.95 billion, a PE ratio of -126.32, a PEG ratio of 6.77 and a beta of 1.42. The company has a quick ratio of 0.65, a current ratio of 1.03 and a debt-to-equity ratio of 0.20.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 24th. The semiconductor company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. Marvell Technology had a positive return on equity of 6.13% and a negative net margin of 6.74%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s revenue was down 11.6% compared to the same quarter last year. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.88 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were paid a $0.06 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.24 annualized dividend and a yield of 0.43%. Marvell Technology’s payout ratio is -54.55%.

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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.