WASHINGTON TRUST Co Acquires 1,330 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

WASHINGTON TRUST Co lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 104.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,600 shares of the semiconductor company’s stock after purchasing an additional 1,330 shares during the period. WASHINGTON TRUST Co’s holdings in Marvell Technology were worth $157,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MRVL. SJS Investment Consulting Inc. lifted its holdings in Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the last quarter. Versant Capital Management Inc lifted its stake in shares of Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after buying an additional 161 shares in the last quarter. Bouvel Investment Partners LLC boosted its holdings in Marvell Technology by 0.3% in the 4th quarter. Bouvel Investment Partners LLC now owns 57,394 shares of the semiconductor company’s stock worth $3,461,000 after buying an additional 183 shares during the period. Synovus Financial Corp grew its stake in Marvell Technology by 4.6% in the 3rd quarter. Synovus Financial Corp now owns 4,237 shares of the semiconductor company’s stock valued at $229,000 after buying an additional 185 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its holdings in Marvell Technology by 10.4% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 2,104 shares of the semiconductor company’s stock valued at $114,000 after acquiring an additional 198 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating and set a $75.00 price objective on shares of Marvell Technology in a research note on Friday, December 1st. B. Riley reiterated a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday. TD Cowen raised their price target on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Finally, Needham & Company LLC reissued a “buy” rating and set a $65.00 price objective on shares of Marvell Technology in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $75.75.

Marvell Technology Stock Down 2.0 %

Shares of NASDAQ:MRVL opened at $70.88 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The company has a 50-day moving average price of $69.80 and a 200-day moving average price of $60.40. Marvell Technology, Inc. has a 12 month low of $36.90 and a 12 month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates 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 analyst estimates of $1.42 billion. During the same period last year, the company earned $0.34 EPS. The business’s quarterly revenue was up .6% compared to the same quarter last year. Equities research analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Marvell Technology declared that its board has authorized a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $66.44, for a total value of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares in the company, valued at approximately $7,581,933.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold a total of 138,000 shares of company stock worth $8,983,290 in the last quarter. 0.45% of the stock is owned by company insiders.

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.