HB Wealth Management LLC Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

HB Wealth Management LLC lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 12.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,452 shares of the semiconductor company’s stock after acquiring an additional 1,041 shares during the quarter. HB Wealth Management LLC’s holdings in Marvell Technology were worth $570,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Versant Capital Management Inc grew its stake in Marvell Technology by 34.7% in the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 161 shares in the last quarter. Bouvel Investment Partners LLC grew its stake in Marvell Technology by 0.3% in the fourth quarter. Bouvel Investment Partners LLC now owns 57,394 shares of the semiconductor company’s stock worth $3,461,000 after purchasing an additional 183 shares in the last quarter. Synovus Financial Corp grew its stake in Marvell Technology by 4.6% in the third quarter. Synovus Financial Corp now owns 4,237 shares of the semiconductor company’s stock worth $229,000 after purchasing an additional 185 shares in the last quarter. Cary Street Partners Investment Advisory LLC grew its stake in Marvell Technology by 10.4% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 2,104 shares of the semiconductor company’s stock worth $114,000 after purchasing an additional 198 shares in the last quarter. Finally, Trifecta Capital Advisors LLC grew its stake in Marvell Technology by 17.7% in the third quarter. Trifecta Capital Advisors LLC now owns 1,499 shares of the semiconductor company’s stock worth $81,000 after purchasing an additional 225 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $68.26 on Wednesday. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76. The stock has a market cap of $59.11 billion, a price-to-earnings ratio of -63.20, a PEG ratio of 4.88 and a beta of 1.51. The stock’s 50 day moving average price is $69.60 and its 200 day moving average price is $60.24. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVLGet Free Report) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has initiated a stock repurchase plan on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology’s payout ratio is -22.22%.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now owns 99,730 shares of the company’s stock, valued at $5,983,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Friday, January 5th. The stock was sold at an average price of $60.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now owns 99,730 shares of the company’s stock, valued at $5,983,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ford Tamer sold 30,000 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $60.20, for a total value of $1,806,000.00. Following the completion of the transaction, the director now directly owns 40,403 shares in the company, valued at approximately $2,432,260.60. The disclosure for this sale can be found here. Insiders have sold a total of 138,000 shares of company stock valued at $8,983,290 over the last quarter. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research reports. TD Cowen lifted their price target on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Susquehanna decreased their target price on Marvell Technology from $70.00 to $65.00 and set a “positive” rating for the company in a research note on Friday, December 1st. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. UBS Group lifted their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.08.

View Our Latest Research Report on Marvell Technology

Marvell Technology Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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