D1 Capital Partners L.P. Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

D1 Capital Partners L.P. bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 1,547,987 shares of the semiconductor company’s stock, valued at approximately $108,204,000. Marvell Technology comprises 1.8% of D1 Capital Partners L.P.’s portfolio, making the stock its 21st biggest holding. D1 Capital Partners L.P. owned approximately 0.18% of Marvell Technology as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bruce G. Allen Investments LLC boosted its holdings 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 purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new stake in Marvell Technology in the 1st quarter valued at about $31,000. Optimum Investment Advisors acquired a new position in shares of Marvell Technology during the 1st quarter valued at about $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in shares of Marvell Technology during the 1st quarter valued at about $35,000. Finally, Bogart Wealth LLC lifted its holdings in shares of Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 592 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now directly owns 20,450 shares of the company’s stock, valued at approximately $1,432,931.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the transaction, the executive vice president now owns 20,450 shares of the company’s stock, valued at $1,432,931.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 160,000 shares of company stock valued at $11,878,785. Company insiders own 0.33% of the company’s stock.

Marvell Technology Stock Down 1.3 %

Shares of Marvell Technology stock opened at $73.87 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The business has a 50-day moving average of $68.20 and a 200-day moving average of $69.63. 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.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company earned $0.18 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. 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 firm also recently announced 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 of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s payout ratio is -21.24%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MRVL. Rosenblatt Securities boosted 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. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Morgan Stanley increased their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI upped their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. Two investment 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $91.62.

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.