Waterfront Wealth Inc. Has $916,000 Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Waterfront Wealth Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,193 shares of the semiconductor company’s stock after purchasing an additional 216 shares during the period. Waterfront Wealth Inc.’s holdings in Marvell Technology were worth $916,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of MRVL. Rakuten Securities Inc. acquired a new stake in Marvell Technology in the 4th quarter valued at approximately $263,000. Quantum Private Wealth LLC raised its holdings in shares of Marvell Technology by 1.0% in the 4th quarter. Quantum Private Wealth LLC now owns 34,227 shares of the semiconductor company’s stock valued at $2,064,000 after purchasing an additional 335 shares during the period. Avior Wealth Management LLC lifted its stake in Marvell Technology by 74.9% in the 4th quarter. Avior Wealth Management LLC now owns 3,269 shares of the semiconductor company’s stock valued at $197,000 after purchasing an additional 1,400 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Marvell Technology by 146.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 428,258 shares of the semiconductor company’s stock worth $25,828,000 after purchasing an additional 254,810 shares during the period. Finally, Octavia Wealth Advisors LLC increased its position in Marvell Technology by 3.9% during the fourth quarter. Octavia Wealth Advisors LLC now owns 5,443 shares of the semiconductor company’s stock worth $328,000 after buying an additional 206 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Oppenheimer reiterated an “outperform” rating and issued a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, April 12th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Raymond James increased their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Finally, KeyCorp cut their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday, April 8th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Trading Down 2.3 %

MRVL stock traded down $1.50 during trading on Thursday, hitting $64.98. The company had a trading volume of 1,880,757 shares, compared to its average volume of 14,068,688. The business has a 50-day moving average of $70.37 and a 200-day moving average of $62.12. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a one year low of $36.90 and a one year high of $85.76. The stock has a market cap of $56.27 billion, a PE ratio of -61.55, a PEG ratio of 4.99 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the company posted $0.34 earnings per share. The business’s quarterly revenue was up .6% on a year-over-year basis. Research analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology declared that its Board of Directors has authorized a share repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 108,000 shares of company stock valued at $7,315,640. 0.45% 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.