Ensign Peak Advisors Inc Reduces Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Ensign Peak Advisors Inc lowered its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.5% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 843,364 shares of the semiconductor company’s stock after selling 39,390 shares during the period. Ensign Peak Advisors Inc owned approximately 0.10% of Marvell Technology worth $58,951,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MRVL. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% in 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 bought a new stake in shares of Marvell Technology in the first quarter worth $31,000. Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the first quarter worth $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Marvell Technology in the first quarter worth $35,000. Finally, Bogart Wealth LLC increased its stake in shares of Marvell Technology by 1,480.0% in the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after buying an additional 592 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

MRVL stock opened at $73.87 on Friday. The company has a market capitalization of $63.94 billion, a P/E ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46. The company has a 50-day simple moving average of $68.20 and a 200 day simple moving average of $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 quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during 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 company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.18 earnings per share. Sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share 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. Investors of record on Friday, October 11th will be issued 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%.

Analysts Set New Price Targets

A number of analysts recently 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 note on Friday, August 30th. Oppenheimer restated an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Barclays lifted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. 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’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the sale, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’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 sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares in the company, valued at $8,150,293.84. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,000 shares of company stock worth $11,878,785. 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.