Primecap Management Co. CA Buys 53,400 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Primecap Management Co. CA lifted its holdings in Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 7.5% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 767,700 shares of the semiconductor company’s stock after purchasing an additional 53,400 shares during the quarter. Primecap Management Co. CA owned 0.09% of Marvell Technology worth $46,300,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nomura Asset Management Co. Ltd. increased its stake in shares of Marvell Technology by 6.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 1,639,588 shares of the semiconductor company’s stock valued at $98,884,000 after buying an additional 99,783 shares during the period. Congress Wealth Management LLC DE acquired a new position in shares of Marvell Technology in the fourth quarter valued at about $566,000. Hoylecohen LLC acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $658,000. HCR Wealth Advisors boosted its holdings in Marvell Technology by 26.7% in the fourth quarter. HCR Wealth Advisors now owns 8,867 shares of the semiconductor company’s stock valued at $535,000 after purchasing an additional 1,867 shares during the last quarter. Finally, Team Hewins LLC acquired a new stake in Marvell Technology during the fourth quarter worth about $230,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $66.44, for a total value of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares of the company’s stock, valued at approximately $7,581,933.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $66.44, for a total transaction of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares in the company, valued at $7,581,933.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $69.18, for a total value of $2,075,400.00. Following the completion of the sale, the chief executive officer now directly owns 686,545 shares in the company, valued at $47,495,183.10. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,522,055 in the last three months. Insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of several research analyst reports. Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Wednesday, March 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Jefferies Financial Group began coverage on Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 target price for the company. Oppenheimer reissued an “outperform” rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Finally, Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a 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 $81.28.

Check Out Our Latest Research Report on MRVL

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded up $1.66 during midday trading on Friday, reaching $76.68. 9,353,678 shares of the company’s stock were exchanged, compared to its average volume of 10,032,874. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The firm has a market capitalization of $66.36 billion, a PE ratio of -71.00, a price-to-earnings-growth ratio of 3.85 and a beta of 1.48. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The company’s 50 day simple moving average is $69.23 and its two-hundred day simple moving average is $65.35.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 earnings per share. Equities research analysts expect that Marvell Technology, Inc. will post 0.73 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has approved a share buyback plan on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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