XTX Topco Ltd Buys 16,478 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

XTX Topco Ltd lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 239.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,373 shares of the semiconductor company’s stock after purchasing an additional 16,478 shares during the quarter. XTX Topco Ltd’s holdings in Marvell Technology were worth $1,634,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC grew its stake in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the 1st quarter worth about $31,000. Optimum Investment Advisors bought a new position in Marvell Technology in the first quarter valued at about $35,000. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Marvell Technology during the first quarter valued at about $35,000. Finally, Bogart Wealth LLC grew its holdings 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 worth $45,000 after purchasing an additional 592 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Up 4.7 %

Shares of NASDAQ MRVL opened at $74.88 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm has a market cap of $64.82 billion, a PE ratio of -66.27, a P/E/G ratio of 3.29 and a beta of 1.46. The company’s fifty day simple moving average is $68.19 and its 200 day simple moving average is $69.81. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The business’s revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company 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 dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio is -21.24%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Benchmark raised their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $91.62.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock valued at $11,878,785 over the last ninety days. 0.33% of the stock is owned by company 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.