Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Harmony Asset Management LLC

Harmony Asset Management LLC raised its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 54.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,531 shares of the semiconductor company’s stock after acquiring an additional 1,950 shares during the quarter. Harmony Asset Management LLC’s holdings in Marvell Technology were worth $387,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the first quarter worth $31,000. Optimum Investment Advisors purchased a new position in Marvell Technology during the first quarter worth $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology in the first quarter worth $35,000. Finally, Bogart Wealth LLC boosted its stake in shares of Marvell Technology by 1,480.0% during the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after acquiring an additional 592 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Down 1.3 %

Shares of Marvell Technology stock opened at $73.87 on Monday. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a market capitalization of $63.94 billion, a PE ratio of -65.37, a P/E/G ratio of 3.29 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business has a 50-day moving average of $68.20 and a 200-day moving average of $69.63.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the firm earned $0.18 EPS. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business 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 dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insiders Place Their Bets

In other news, 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 approximately $15,311,380.35. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology 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 transaction, the chief executive officer now directly 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 sold a total of 160,000 shares of company stock valued at $11,878,785 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Rosenblatt Securities upped their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Oppenheimer reissued 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. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.62.

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.