NewEdge Wealth LLC Purchases 705 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

NewEdge Wealth LLC boosted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 9.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,902 shares of the semiconductor company’s stock after buying an additional 705 shares during the quarter. NewEdge Wealth LLC’s holdings in Marvell Technology were worth $477,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. MetLife Investment Management LLC purchased a new stake in shares of Marvell Technology during the first quarter worth about $1,210,000. Yousif Capital Management LLC raised its position in Marvell Technology by 6.6% during the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after purchasing an additional 925 shares during the last quarter. Raymond James Trust N.A. lifted its holdings in Marvell Technology by 2.8% in the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after buying an additional 344 shares during the period. Cetera Investment Advisers grew its position in shares of Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock worth $2,056,000 after buying an additional 4,888 shares during the last quarter. Finally, Sequoia Financial Advisors LLC increased its stake in shares of Marvell Technology by 35.5% during the first quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after buying an additional 1,337 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The disclosure for this sale can be found here. Insiders sold 73,000 shares of company stock valued at $4,894,790 over the last three months. Insiders own 0.45% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL opened at $68.28 on Wednesday. Marvell Technology, Inc. has a twelve month low of $36.90 and a twelve month high of $85.76. The firm has a 50 day moving average of $70.43 and a 200 day moving average of $62.09. 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:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS 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 business had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the company earned $0.34 EPS. The company’s quarterly revenue was up .6% compared to the same quarter last year. Analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its Board of Directors has approved a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio is presently -22.22%.

Analyst Ratings Changes

A number of brokerages recently commented on MRVL. Raymond James raised their price target on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Wednesday, March 27th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Barclays raised their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $86.00 target price on shares of Marvell Technology in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

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.