Syon Capital LLC Purchases Shares of 3,593 Marvell Technology, Inc. (NASDAQ:MRVL)

Syon Capital LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,593 shares of the semiconductor company’s stock, valued at approximately $217,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MRVL. PNC Financial Services Group Inc. increased its position in Marvell Technology by 6.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 56,907 shares of the semiconductor company’s stock valued at $3,080,000 after acquiring an additional 3,296 shares during the period. Kestra Advisory Services LLC increased its position in shares of Marvell Technology by 6.5% during the third quarter. Kestra Advisory Services LLC now owns 30,516 shares of the semiconductor company’s stock worth $1,652,000 after buying an additional 1,863 shares during the period. QRG Capital Management Inc. acquired a new stake in shares of Marvell Technology during the third quarter worth $961,000. Envestnet Portfolio Solutions Inc. acquired a new stake in shares of Marvell Technology during the third quarter worth $3,342,000. Finally, Envestnet Asset Management Inc. increased its position in shares of Marvell Technology by 7.3% during the third quarter. Envestnet Asset Management Inc. now owns 1,134,787 shares of the semiconductor company’s stock worth $61,426,000 after buying an additional 76,742 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MRVL. B. Riley increased their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. TD Cowen increased their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, May 31st. UBS Group raised their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Finally, Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Wednesday, March 27th. One equities research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $85.00.

Marvell Technology Stock Up 1.8 %

MRVL opened at $73.14 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The company’s 50-day moving average is $69.90 and its 200 day moving average is $67.53. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The firm has a market capitalization of $63.31 billion, a P/E ratio of -64.73, a PEG ratio of 3.47 and a beta of 1.46.

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

Marvell Technology declared that its board has authorized a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the sale, the chief executive officer now owns 716,545 shares in the company, valued at $49,312,626.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the transaction, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the transaction, the chief executive officer now owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 79,500 shares of company stock worth $5,504,065. Insiders own 0.33% of the company’s stock.

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.