Hennion & Walsh Asset Management Inc. Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Hennion & Walsh Asset Management Inc. lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 41.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,561 shares of the semiconductor company’s stock after acquiring an additional 3,410 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Marvell Technology were worth $808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC lifted its stake in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the first quarter valued at $31,000. Optimum Investment Advisors purchased a new stake in Marvell Technology in the first quarter valued at $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the 1st quarter worth about $35,000. Finally, Bogart Wealth LLC raised its stake in shares of Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on MRVL. Jefferies Financial Group assumed coverage on Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 target price on the stock. Barclays raised their price objective on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 31st. Stifel Nicolaus increased their price target on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Finally, KeyCorp lifted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $85.50.

Marvell Technology Stock Down 2.3 %

NASDAQ MRVL opened at $69.41 on Wednesday. The business has a fifty day moving average price of $68.30 and a 200 day moving average price of $69.38. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The company has a market cap of $60.08 billion, a P/E ratio of -61.42, a P/E/G ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.17 earnings per share. Research analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders sold 65,500 shares of company stock worth $4,872,620 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology 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.