Brighton Jones LLC Decreases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Brighton Jones LLC decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,129 shares of the semiconductor company’s stock after selling 191 shares during the quarter. Brighton Jones LLC’s holdings in Marvell Technology were worth $638,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Lazard Asset Management LLC boosted its stake in Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the last quarter. Aspex Management HK Ltd grew its position in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after purchasing an additional 2,908,912 shares during the period. Whale Rock Capital Management LLC purchased a new stake in Marvell Technology during the 1st quarter valued at $181,559,000. Swedbank AB lifted its holdings in shares of Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after buying an additional 2,024,269 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in Marvell Technology by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after acquiring an additional 1,890,753 shares during the period. Institutional investors own 83.51% of the company’s stock.

Insiders Place Their Bets

In other Marvell Technology news, Director Daniel Durn bought 1,425 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were purchased at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now owns 1,923 shares in the company, valued at approximately $135,013.83. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the sale, the executive vice president now owns 20,450 shares in the company, valued at $1,432,931.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Daniel Durn bought 1,425 shares of the stock in a transaction dated Monday, June 24th. The shares were bought at an average cost of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders sold a total of 160,000 shares of company stock valued at $11,878,785 over the last 90 days. Insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MRVL. Piper Sandler restated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI upped their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. KeyCorp upped their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Finally, Morgan Stanley lifted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $73.87 on Friday. The firm has a market capitalization of $63.94 billion, a PE ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46. The stock’s fifty day moving average is $68.20 and its 200 day moving average is $69.71. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.18 earnings per share. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is currently -21.24%.

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.