Connors Investor Services Inc. Makes New $315,000 Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Connors Investor Services Inc. purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 4,500 shares of the semiconductor company’s stock, valued at approximately $315,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in MRVL. Bruce G. Allen Investments LLC raised its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in Marvell Technology during the first quarter valued at about $31,000. Optimum Investment Advisors bought a new position in Marvell Technology in the first quarter worth about $35,000. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of Marvell Technology during the first quarter valued at about $35,000. Finally, Bogart Wealth LLC boosted its holdings in shares of Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Down 1.5 %

MRVL stock opened at $73.40 on Tuesday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company’s 50-day simple moving average is $68.23 and its 200-day simple moving average is $69.80. The firm has a market cap of $63.54 billion, a P/E ratio of -64.96, a PEG ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Insider Activity at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 152,500 shares of company stock valued at $11,328,240. 0.33% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MRVL shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday. Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Morgan Stanley increased their price objective on shares of 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, Barclays boosted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.62.

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.