Lazard Asset Management LLC Boosts Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Lazard Asset Management LLC increased its holdings in Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) by 81.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,102 shares of the semiconductor company’s stock after buying an additional 5,865 shares during the quarter. Lazard Asset Management LLC’s holdings in Marvell Technology were worth $570,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Comerica Bank raised its stake in Marvell Technology by 10.5% during the 1st quarter. Comerica Bank now owns 8,178 shares of the semiconductor company’s stock worth $515,000 after acquiring an additional 774 shares during the period. Park Avenue Securities LLC raised its stake in Marvell Technology by 11.0% during the 1st quarter. Park Avenue Securities LLC now owns 13,699 shares of the semiconductor company’s stock worth $982,000 after acquiring an additional 1,358 shares during the period. Steward Partners Investment Advisory LLC raised its stake in Marvell Technology by 224.1% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 7,512 shares of the semiconductor company’s stock worth $539,000 after acquiring an additional 5,194 shares during the period. Atria Investments LLC raised its stake in Marvell Technology by 27.5% during the 1st quarter. Atria Investments LLC now owns 14,681 shares of the semiconductor company’s stock worth $1,053,000 after acquiring an additional 3,167 shares during the period. Finally, Clear Creek Financial Management LLC bought a new stake in Marvell Technology during the 1st quarter worth approximately $257,000. Hedge funds and other institutional investors own 80.95% of the company’s stock.

Marvell Technology Stock Up 0.2 %

NASDAQ MRVL opened at $44.00 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.35 and a debt-to-equity ratio of 0.25. The company has a fifty day moving average of $42.16 and a two-hundred day moving average of $48.55. The firm has a market capitalization of $37.51 billion, a price-to-earnings ratio of -169.23, a PEG ratio of 1.94 and a beta of 1.39. Marvell Technology, Inc. has a 52 week low of $35.30 and a 52 week high of $93.85.

Marvell Technology (NASDAQ:MRVLGet Rating) last posted its quarterly earnings data on Thursday, August 25th. The semiconductor company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. The company had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.52 billion. Marvell Technology had a negative net margin of 3.95% and a positive return on equity of 7.94%. Marvell Technology’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.21 earnings per share. On average, analysts predict that Marvell Technology, Inc. will post 1.6 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.55%. The ex-dividend date of this dividend was Thursday, October 6th. Marvell Technology’s dividend payout ratio is currently -92.31%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Marvell Technology from $65.00 to $55.00 and set a “buy” rating on the stock in a research note on Tuesday, October 18th. StockNews.com initiated coverage on shares of Marvell Technology in a research note on Wednesday, October 12th. They set a “sell” rating on the stock. Exane BNP Paribas initiated coverage on shares of Marvell Technology in a research report on Tuesday, September 13th. They set an “outperform” rating on the stock. Morgan Stanley reduced their price objective on shares of Marvell Technology from $62.00 to $60.00 and set an “equal weight” rating on the stock in a research report on Friday, August 26th. Finally, B. Riley reduced their price objective on shares of Marvell Technology from $63.00 to $52.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.14.

Insider Activity

In other news, EVP Mitchell Gaynor sold 5,000 shares of the business’s stock in a transaction on Thursday, September 15th. The shares were sold at an average price of $47.75, for a total transaction of $238,750.00. Following the completion of the sale, the executive vice president now directly owns 108,429 shares of the company’s stock, valued at $5,177,484.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Nariman Yousefi sold 10,000 shares of the business’s stock in a transaction on Monday, October 3rd. The shares were sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the sale, the executive vice president now directly owns 274,144 shares of the company’s stock, valued at $12,336,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mitchell Gaynor sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $47.75, for a total value of $238,750.00. Following the completion of the sale, the executive vice president now owns 108,429 shares of the company’s stock, valued at $5,177,484.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,000 shares of company stock valued at $886,800. 0.45% of the stock is currently owned by company insiders.

About Marvell Technology

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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

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