Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by CIBC Private Wealth Group LLC

CIBC Private Wealth Group LLC lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 0.8% during the fourth quarter, Holdings Channel reports. The firm owned 385,761 shares of the semiconductor company’s stock after buying an additional 2,946 shares during the period. CIBC Private Wealth Group LLC’s holdings in Marvell Technology were worth $23,265,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. FMR LLC boosted its holdings in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after acquiring an additional 421,622 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Marvell Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after buying an additional 477,731 shares during the period. Brown Advisory Inc. grew its holdings in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the period. Matrix Capital Management Company LP grew its holdings in Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after acquiring an additional 4,634,127 shares during the period. Finally, Norges Bank acquired a new stake in Marvell Technology in the 4th quarter valued at about $511,215,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Shares of MRVL opened at $69.80 on Thursday. The company has a quick ratio of 1.21, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company’s fifty day moving average is $70.10 and its 200-day moving average is $66.46. The firm has a market cap of $60.42 billion, a price-to-earnings ratio of -61.77, a price-to-earnings-growth ratio of 3.22 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVLGet Free Report) last posted its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting the consensus estimate of $0.24. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the company earned $0.17 EPS. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. Equities analysts expect that Marvell Technology, Inc. will post 0.74 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s payout ratio is currently -21.24%.

Marvell Technology declared that its Board of Directors has initiated a share buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MRVL shares. Rosenblatt Securities restated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. UBS Group upped their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Oppenheimer reissued an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Jefferies Financial Group began coverage on shares of Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 target price for the company. Finally, B. Riley boosted their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $85.00.

Get Our Latest Stock Analysis on MRVL

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the transaction, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the transaction, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $66.17, for a total value of $1,985,100.00. Following the completion of the transaction, the chief executive officer now directly owns 732,929 shares in the company, valued at $48,497,911.93. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,522,055 in the last ninety days. Insiders own 0.33% of the company’s stock.

Marvell Technology Company 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.

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

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