NBC Securities Inc. Purchases 1,076 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

NBC Securities Inc. lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 124.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,938 shares of the semiconductor company’s stock after purchasing an additional 1,076 shares during the period. NBC Securities Inc.’s holdings in Marvell Technology were worth $137,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MRVL. SJS Investment Consulting Inc. raised its position in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares during the period. Oliver Lagore Vanvalin Investment Group raised its position in Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the period. Raleigh Capital Management Inc. raised its position in Marvell Technology by 532.3% in the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after acquiring an additional 527 shares during the period. Versant Capital Management Inc raised its position in shares of Marvell Technology by 34.7% in the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 161 shares during the period. Finally, Blue Trust Inc. raised its position in shares of Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 155 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 1.8 %

Shares of MRVL opened at $71.89 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. 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 50 day moving average price of $70.00 and a 200-day moving average price of $67.99.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting 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 firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same period in the previous year, the business posted $0.17 EPS. The business’s quarterly revenue was down 12.2% on a year-over-year basis. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the sale, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on 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 directly owns 115,318 shares in the company, valued at approximately $8,466,647.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders sold 79,500 shares of company stock worth $5,504,065 in the last three months. 0.33% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on MRVL shares. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, May 31st. 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 research report on Monday, April 8th. TD Cowen boosted their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Stifel Nicolaus boosted their price target on shares of Marvell Technology from $86.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $85.00.

About Marvell Technology

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.