TD Asset Management Inc Increases Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

TD Asset Management Inc lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,172,047 shares of the semiconductor company’s stock after purchasing an additional 20,176 shares during the quarter. TD Asset Management Inc owned about 0.25% of Marvell Technology worth $151,826,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Norges Bank purchased a new position in Marvell Technology during the fourth quarter valued at approximately $511,215,000. Lazard Asset Management LLC raised its position in Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after acquiring an additional 3,993,414 shares in the last quarter. Brown Advisory Inc. raised its position in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after acquiring an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd raised its position in Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after acquiring an additional 2,908,912 shares in the last quarter. Finally, Whale Rock Capital Management LLC purchased a new position in Marvell Technology during the first quarter valued at approximately $181,559,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on MRVL. Benchmark lifted their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. B. Riley lifted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Morgan Stanley boosted their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Finally, Bank of America boosted their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $69.89 on Friday. The business’s 50 day moving average price is $68.23 and its 200-day moving average price is $69.58. The firm has a market capitalization of $60.50 billion, a PE ratio of -61.85, a P/E/G ratio of 3.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insiders Place Their Bets

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,500 shares of company stock valued at $4,872,620. 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.