Synergy Asset Management LLC acquired a new position at Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) in the fourth quarter, according to the company's most recent Form 13F filing with the Securities and Exchange Commission. The company acquired 198,985 shares of the semiconductor company's stock, valued at approximately $12,001,000. Marvell Technology represents approximately 2.1% of Synergy Asset Management LLC's investment portfolio, making it the company's 17th largest holding.
Other large investors also changed their holdings in the company. MetLife Investment Management LLC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $1,210,000. Yousif Capital Management LLC increased his position in shares of Marvell Technology by 6.6% during the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the company's stock valued at $1,070,000 after acquiring an additional 925 shares during the period. Raymond James Trust NA lifted its stake in shares of Marvell Technology by 2.8% during the 1st quarter. Raymond James Trust NA now owns 12,780 shares of the company's stock worth $917,000 after acquiring an additional 344 shares in the last quarter. Cetera Investment Advisors increased its holdings in shares of Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the company's stock valued at $2,056,000 after purchasing an additional 4,888 shares during the period. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of Marvell Technology by 35.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the company's stock valued at $366,000 after purchasing an additional 1,337 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.
Insider Trading at Marvell Technology
In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the sale, the executive vice president now directly owns 124,117 shares of the company's stock, valued at approximately $8,099,875.42. The transaction was disclosed in his SEC filing, which is available at this link. In other news, Director Ford Tamer sold 30,000 shares of Marvell Technology stock in a transaction on Monday, January 8th. The shares were sold at an average price of $60.20, for a total value of $1,806,000.00. Following the closing, the director now owns 40,403 shares of the company's stock, valued at approximately $2,432,260.60. The sale was disclosed in a document filed with the Securities and Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of the company's stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total transaction of $326,300.00. Following the sale, the executive vice president now owns 124,117 shares of the company's stock, valued at $8,099,875.42. Disclosures regarding this sale can be found here. Insiders sold 138,000 shares of company stock valued at $8,983,290 over the past quarter. 0.45% of the stock is currently owned by company insiders.
Analyst rating changes
Recently, many research companies have published reports on MRVL. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Barclays increased their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. UBS Group increased their target price on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Finally, TD Cowen increased their target price on Marvell Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. 1 investment analyst has rated the stock as a “sell,” 1 has rated it a “hold,” and 19 have rated it a “buy.” According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $75.75.
Read the latest stock price analysis for MRVL
Marvell Technology Stock Price Performance
Shares of Marvell Technology began trading at $70.88 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69, and a quick ratio of 1.21. The stock has a market capitalization of $61.38 billion, a price-to-earnings ratio of -65.63, a price-to-earnings ratio of 5.20x, and a beta of 1.51x. The company's 50 day simple moving average is $69.79 and its 200 day simple moving average is $60.53. Marvell Technology has a 1-year low of $36.90 and a 1-year high of $85.76.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings results on Thursday, March 7th. The company reported $0.46 EPS for the quarter, missing 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 company had revenue of $1.43 billion for the quarter, compared to analyst expectations of $1.42 billion. The company's earnings per share for the same period last year was $0.34. The company's revenue increased by 0.6% compared to the same period last year. Analysts, on average, expect Marvell Technology to post 0.72 EPS for the current year.
Marvell Technology announced on Thursday, March 7, that its board of directors approved a stock repurchase plan that will authorize the repurchase of $3 billion of outstanding stock. The repurchase authorization allows semiconductor companies to repurchase up to 4.8% of their stock through open market purchases. Stock buyback plans generally indicate that company management believes its stock is undervalued.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This equates to his $0.24 dividend and his 0.34% yield on an annualized basis. Marvell Technology's dividend payout ratio (DPR) is currently -22.22%.
About Marvell Technology
(Free report)
Marvell Technology, Inc, in collaboration with its subsidiaries, provides data infrastructure semiconductor solutions from the data center core to the network edge. The company develops and scales complex system-on-chip architectures that integrate analog, mixed-signal, and digital signal processing capabilities.
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