Assenagon Asset Management SA increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) 176.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). ). The fund owned 28,751 shares of the semiconductor company’s stock after purchasing an additional 18,356 shares during the period. Assenagon Asset Management SA’s holdings in Marvell Technology were worth $1,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently made changes to their positions in the company. Canton Hathaway LLC bought a new position in Marvell Technology in the second quarter valued at $28,000. Arlington Partners LLC bought a new position in Marvell Technology in the second quarter valued at $29,000. Deseret Mutual Benefit Administrators boosted its holdings in Marvell Technology by 140.3% in the second quarter. Deseret Mutual Administrators now owns 668 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 390 shares in the last quarter. Crewe Advisors LLC boosted its holdings in Marvell Technology by 38.5% in the second quarter. Crewe Advisors LLC now owns 734 shares of the semiconductor company’s stock valued at $32,000 after buying an additional 204 shares in the last quarter. Finally, TimeScale Financial Inc. increased. its holdings in Marvell Technology by 2,480.6% in the third quarter. Owned by TimeScale Financial Inc. now owns 800 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 769 shares in the last quarter. Hedge funds and other institutional investors own 81.28% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have weighed in on MRVL shares. Barclays cut their price objective on shares of Marvell Technology from $60.00 to $55.00 and set an “overweight” rating for the company in a report on Friday, December 2nd. Cowen cut their price objective on shares of Marvell Technology from $70.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, December 2nd. KeyCorp cut their price objective on shares of Marvell Technology from $75.00 to $65.00 in a report on Friday, December 2nd. Oppenheimer cut their target price on shares of Marvell Technology from $80.00 to $70.00 in a research note on Tuesday, January 10th. Finally, Stifel Nicolaus cut their target price on shares of Marvell Technology from $78.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, September 29th. Four equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.92, according to MarketBeat.
Indoor Activity
In other news, CAO Willem A. Meintjes sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, January 6th. The shares were sold at an average price of $34.92, for a total value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company’s stock, valued at approximately $2,545,528.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this hyperlink. 0.45% of the company’s stock is owned by insiders.
Marvell Technology Stock Performance
NASDAQ:MRVL opened at $40.67 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31 and a quick ratio of 0.92. The firm has a market capitalization of $34.70 billion, a price-to-earnings ratio of -254.19, a PEG ratio of 2.40 and a beta of 1.45. The company’s 50-day moving average is $40.34 and its two-hundred-day moving average is $44.54. Marvell Technology, Inc. has a 1-year low of $33.75. and a 1-year high of $83.13.
Marvell Technology (NASDAQ:MRVL – Get Rating) posted its earnings results on Thursday, December 1st. The semiconductor company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.43 by ($0.02). The firm had revenue of $1.54 billion during the quarter, compared to analyst estimates of $1.56 billion. Marvell Technology had a negative net margin of 2.43% and a positive return on equity of 8.50%. Analysts forecast that Marvell Technology, Inc. will post 1.5 EPS for the current year.
Marvell Technology Dividend Advertising
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 25th. Stockholders of record on Friday, January 6th will be paid a $0.06 dividend. This equates to a dividend of $0.24 on an annualized basis and a dividend yield of 0.59%. The ex-dividend date is Thursday, January 5. Marvell Technology’s dividend payout ratio (DPR) is -150.00%.
About Marvell Technology
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Marvell Technology, Inc, together with its subsidiaries, designs, develops and sells analog, mixed signal, digital signal processing, and embedded and stand-alone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and System-on-a-Chip products printer and application processors.
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