Raymond James Financial Services Advisors Inc. Has $10.34 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James Financial Services Advisors Inc. decreased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVLFree Report) by 15.2% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 171,407 shares of the semiconductor company’s stock after selling 30,636 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Marvell Technology were worth $10,338,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its position in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC raised its holdings in Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after acquiring an additional 18,357 shares during the period. Fred Alger Management LLC lifted its position in Marvell Technology by 2.4% during the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after acquiring an additional 95,003 shares during the last quarter. NewEdge Wealth LLC boosted its holdings in Marvell Technology by 15.6% during the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after acquiring an additional 973 shares during the period. Finally, Montag A & Associates Inc. grew its position in shares of Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

Marvell Technology Trading Down 2.0 %

MRVL stock opened at $70.88 on Monday. The business has a fifty day moving average price of $69.79 and a 200 day moving average price of $60.57. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology, Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The stock has a market capitalization of $61.38 billion, a price-to-earnings ratio of -65.63, a P/E/G ratio of 5.20 and a beta of 1.51.

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. Analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has authorized a stock repurchase plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s payout ratio is -22.22%.

Insider Activity

In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.44, for a total transaction of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares of the company’s stock, valued at $7,581,933.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the transaction, the chief financial officer now directly owns 99,730 shares of the company’s stock, valued at $5,983,800. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on 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 owns 114,117 shares of the company’s stock, valued at approximately $7,581,933.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 138,000 shares of company stock valued at $8,983,290. Company insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Cantor Fitzgerald started coverage on Marvell Technology in a research note on Tuesday, January 23rd. They set an “overweight” rating and a $80.00 target price for the company. Raymond James upped their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. UBS Group raised their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Finally, Barclays lifted their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $75.75.

View Our Latest Analysis on Marvell Technology

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.

Featured Articles

Want to see what other hedge funds are holding MRVL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Marvell Technology, Inc. (NASDAQ:MRVLFree Report).

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

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.