Intech Investment Management LLC Buys 11,441 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Intech Investment Management LLC increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 14.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,450 shares of the semiconductor company’s stock after acquiring an additional 11,441 shares during the quarter. Intech Investment Management LLC’s holdings in Marvell Technology were worth $6,253,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Tlwm increased its stake in shares of Marvell Technology by 1.6% in the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 136 shares in the last quarter. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares in the last quarter. Trueblood Wealth Management LLC increased its stake in shares of Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after acquiring an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its stake in shares of Marvell Technology by 0.5% in 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 in the last quarter. Finally, Sheaff Brock Investment Advisors LLC increased its stake in shares of Marvell Technology by 0.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock valued at $3,143,000 after acquiring an additional 168 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Activity at Marvell Technology

In other news, Director Daniel Durn acquired 1,425 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were acquired at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction dated Monday, June 24th. The shares were purchased at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the transaction, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. The disclosure for this sale can be found here. In the last three months, insiders have sold 160,000 shares of company stock worth $11,878,785. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on MRVL. Rosenblatt Securities boosted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. KeyCorp boosted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Stifel Nicolaus restated a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Oppenheimer restated an “outperform” rating and set a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Finally, Piper Sandler restated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $73.87 on Friday. The company’s 50-day moving average is $68.20 and its 200 day moving average is $69.71. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $63.94 billion, a P/E ratio of -65.37, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the business posted $0.18 EPS. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

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

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.