Marvell Technology, Inc. (NASDAQ:MRVL) Holdings Lifted by Nippon Life Global Investors Americas Inc.

Nippon Life Global Investors Americas Inc. boosted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 22.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 862,610 shares of the semiconductor company’s stock after acquiring an additional 159,800 shares during the quarter. Marvell Technology accounts for 2.7% of Nippon Life Global Investors Americas Inc.’s investment portfolio, making the stock its 9th biggest position. Nippon Life Global Investors Americas Inc. owned 0.10% of Marvell Technology worth $60,296,000 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 the company. Bruce G. Allen Investments LLC boosted its position in 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 buying an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology in the first quarter worth about $31,000. Optimum Investment Advisors acquired a new position in shares of Marvell Technology in the first quarter worth about $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the 1st quarter valued at approximately $35,000. Finally, Bogart Wealth LLC grew its stake in Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 592 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MRVL shares. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Barclays boosted their price objective on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, KeyCorp upped their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Two 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Down 1.3 %

NASDAQ:MRVL opened at $73.87 on Monday. The firm has a market capitalization of $63.94 billion, a price-to-earnings ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The business’s 50-day moving average price is $68.20 and its two-hundred day moving average price is $69.63. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at approximately $8,076,413.84. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock valued at $11,878,785 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

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.