Truist Financial Corp Acquires 209,559 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Truist Financial Corp increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 28.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 938,605 shares of the semiconductor company’s stock after purchasing an additional 209,559 shares during the period. Truist Financial Corp owned approximately 0.11% of Marvell Technology worth $56,607,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. SJS Investment Consulting Inc. lifted its holdings in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Buck Wealth Strategies LLC lifted its holdings in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares in the last quarter. Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 165 shares in the last quarter. BluePath Capital Management LLC bought a new position in shares of Marvell Technology during the 3rd quarter valued at about $31,000. Finally, Whittier Trust Co. raised its position in Marvell Technology by 59.9% in the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 226 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 3.2 %

MRVL stock opened at $69.62 on Friday. The business’s 50 day simple moving average is $69.87 and its 200 day simple moving average is $62.62. The firm has a market capitalization of $60.29 billion, a PE ratio of -64.46, a PEG ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 1-year low of $37.71 and a 1-year high of $85.76. 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 (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology announced that its board has authorized a share repurchase plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s 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 in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,477,515 in the last ninety days. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Raymond James lifted their target price on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Evercore ISI assumed coverage on Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Oppenheimer reissued an “outperform” rating and issued a $80.00 target price (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology 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.