PNC Financial Services Group Inc. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

PNC Financial Services Group Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 60,016 shares of the semiconductor company’s stock after purchasing an additional 3,109 shares during the period. PNC Financial Services Group Inc.’s holdings in Marvell Technology were worth $3,620,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. SJS Investment Consulting Inc. lifted its stake in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Blue Trust Inc. raised its position in Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 155 shares during the period. Versant Capital Management Inc boosted its stake in shares of Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 161 shares during the last quarter. Edmond DE Rothschild Holding S.A. grew its position in shares of Marvell Technology by 0.5% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock valued at $1,855,000 after acquiring an additional 162 shares during the period. Finally, Oliver Lagore Vanvalin Investment Group increased its stake in shares of Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. KeyCorp lowered their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a report on Monday, April 8th. Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. UBS Group raised their price target on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Citigroup reiterated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the 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 transaction, the chief executive officer now directly owns 716,545 shares in the company, valued at approximately $49,312,626.90. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the transaction, the chief executive officer now directly owns 716,545 shares in the company, valued at $49,312,626.90. The disclosure for this sale can be found here. Insiders sold 79,500 shares of company stock worth $5,504,065 over the last three months. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 1.8 %

NASDAQ:MRVL opened at $73.14 on Thursday. The company has a market cap of $63.31 billion, a price-to-earnings ratio of -64.73, a price-to-earnings-growth ratio of 3.40 and a beta of 1.46. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76. The stock has a fifty day simple moving average of $69.93 and a 200-day simple moving average of $67.57. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 earnings per share. Marvell Technology’s revenue was down 12.2% compared to the same quarter last year. Analysts anticipate that Marvell Technology, Inc. will post 0.75 EPS for the current year.

Marvell Technology declared that its Board of Directors has approved a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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.