K2 Principal Fund L.P. Has $1.44 Million Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

K2 Principal Fund L.P. grew its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 28.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 20,555 shares of the semiconductor company’s stock after purchasing an additional 4,555 shares during the quarter. K2 Principal Fund L.P.’s holdings in Marvell Technology were worth $1,437,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in MRVL. Samlyn Capital LLC acquired a new position in shares of Marvell Technology in the second quarter worth approximately $47,554,000. Resources Management Corp CT ADV boosted its stake in shares of Marvell Technology by 2.7% in the 2nd quarter. Resources Management Corp CT ADV now owns 13,557 shares of the semiconductor company’s stock valued at $948,000 after purchasing an additional 350 shares during the last quarter. Davidson Kempner Capital Management LP raised its stake in Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after buying an additional 52,365 shares during the last quarter. Xponance Inc. lifted its holdings in Marvell Technology by 6.0% in the second quarter. Xponance Inc. now owns 80,994 shares of the semiconductor company’s stock valued at $5,661,000 after buying an additional 4,571 shares during the period. Finally, Nippon Life Global Investors Americas Inc. raised its position in shares of Marvell Technology by 22.7% in the 2nd quarter. Nippon Life Global Investors Americas Inc. now owns 862,610 shares of the semiconductor company’s stock worth $60,296,000 after acquiring an additional 159,800 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Down 2.8 %

MRVL opened at $71.81 on Tuesday. The firm’s 50 day simple moving average is $68.16 and its two-hundred day simple moving average is $69.54. The company has a market capitalization of $62.16 billion, a PE ratio of -63.55, 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 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 released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given 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 0.33%. Marvell Technology’s payout ratio is currently -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 $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 SEC, which is available through this hyperlink. In related 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 completion of the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following 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 disclosure for this sale can be found here. Insiders have sold 160,000 shares of company stock worth $11,878,785 in the last three months. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on MRVL. Morgan Stanley raised their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Evercore ISI upped their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Benchmark increased their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company 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.