In its latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC), Assenagon Asset Management SA said its stake in Marvell Technology, Inc. (NASDAQ: MRVL – Get Rating ) increased in the third quarter 176.6% ). The fund owns 28,751 shares of semiconductor companies after buying 18,356 more shares during the period. Assenagon Asset Management SA’s stake in Marvell Technology was valued at $1,234,000 as of a recent SEC filing.
Other institutional investors have also recently adjusted their positions at the firm. Canton Hathaway LLC purchased a new position at Marvell Technology for $28,000 in the second quarter. Arlington Partners LLC purchased a new position at Marvell Technology for $29,000 in the second quarter. Deseret Mutual Benefit Administrators increased its stake in Marvell Technology by 140.3% in the second quarter. Deseret Mutual Benefit Administrators now owns 668 shares of the semiconductor company worth $29,000 after buying an additional 390 shares last quarter. Crewe Advisors LLC increased its stake in Marvell Technology by 38.5% in the second quarter. Crewe Advisors LLC now owns 734 shares of the semiconductor company worth $32,000 after buying an additional 204 shares last quarter. Finally, TimeScale Financial Inc. increased its stake in Marvell Technology by 2,480.6% during the third quarter. TimeScale Financial Inc. now owns 800 shares of the semiconductor company worth $34,000 after buying an additional 769 shares last quarter. Hedge funds and other institutional investors own 81.28% of the company.
Analyst sets new price target
Many research analysts weigh in on MRVL stock. Barclays lowered their price target on shares of Marvell Technology from $60.00 to $55.00 and set an “overweight” rating on the company in a report on Friday, December 2nd. Cowen cut their price target on Marvell Technology from $70.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, December 2nd. KeyCorp cut their price target on shares of Marvell Technology from $75.00 to $65.00 in a report on Friday, December 2nd. Oppenheimer cut their price target on shares of Marvell Technology from $80.00 to $70.00 in a research report on Tuesday, January 10th. Finally, Stifel Nicolaus cut their price target on Marvell Technology from $78.00 to $70.00 and set a “buy” rating on the company in a research report on Thursday, September 29th. Four equity research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.92.
insider activities
In other news, CAO Willem A. Meintjes sold 10,000 shares of company stock in a transaction that occurred on Friday, January 6. The average selling price of these shares was $34.92, for a total value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company, worth approximately $2,545,528.32. The transaction has been disclosed in a legal filing with the U.S. Securities and Exchange Commission, available at this hyperlink. Insiders own 0.45% of the company.
Marvell Technology Stock Performance
Nasdaq: MRVL opened Friday at $40.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.31, and a quick ratio of 0.92. The company has a market cap of $34.7 billion, a P/E ratio of -254.19, a PEG ratio of 2.40, and a beta of 1.45. The company’s 50-day moving average is $40.34 and its 200-day moving average is $44.54. Marvell Technology, Inc. had a 1-year low of $33.75 and a 1-year high of $83.13.
Marvell Technology (NASDAQ: MRVL – Get Rating ) last reported its earnings results on Thursday, December 1st. The semiconductor company reported EPS of $0.41 for the quarter, missing the consensus estimate of $0.43 ($0.02). The company’s revenue for the quarter was $1.54 billion, compared with analyst estimates of $1.56 billion. Marvell Technology has a net profit margin of 2.43% and a return on equity of 8.50%. Analysts predict that Marvell Technology, Inc. will earn 1.5 per share this year.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, payable on Wednesday, January 25. Shareholders of record on Friday, January 6 will receive a $0.06 dividend. This represents an annualized dividend of $0.24 and a dividend yield of 0.59%. The ex-dividend date is Thursday, January 5. Marvell Technology has a dividend payout ratio (DPR) of -150.00%.
About Marvell
(get rating)
Marvell Technology, Inc and its subsidiaries design, develop and market analog, mixed-signal, digital signal processing, and embedded and stand-alone integrated circuits. It offers a range of Ethernet solutions, including controllers, network adapters, physical transceivers and switches; single- or multi-core processors; application-specific integrated circuits; and printer system-on-chip products and application processors.
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