Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Plato Investment Management Ltd

Plato Investment Management Ltd raised its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,479 shares of the semiconductor company’s stock after purchasing an additional 403 shares during the quarter. Plato Investment Management Ltd’s holdings in Marvell Technology were worth $1,187,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after purchasing an additional 468,086 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after buying an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. Finally, Clearbridge Investments LLC increased its holdings in shares of Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after acquiring an additional 150,109 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MRVL. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Barclays boosted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Performance

MRVL opened at $90.70 on Friday. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock’s fifty day moving average is $78.45 and its 200-day moving average is $72.56.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 EPS. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 259,500 shares of company stock valued at $20,230,710. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Company Profile

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.