Sequoia Financial Advisors LLC Has $720,000 Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sequoia Financial Advisors LLC raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.5% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 11,934 shares of the semiconductor company’s stock after purchasing an additional 2,114 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Marvell Technology were worth $720,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA raised its stake in Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of 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 in the last quarter. Fred Alger Management LLC lifted its stake in shares of Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC boosted its position in shares of Marvell Technology by 15.6% during the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. grew its stake in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after purchasing an additional 8,836 shares during the period. Institutional investors own 83.51% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MRVL. Barclays increased their price target on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Morgan Stanley raised their target price on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. TD Cowen upped their price target on Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Finally, Oppenheimer reissued an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $79.96.

Insider Buying and Selling

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the sale, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,000 shares of company stock worth $4,894,790. Insiders own 0.45% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $67.88 on Tuesday. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76. The firm has a 50-day moving average price of $70.40 and a two-hundred day moving average price of $61.99. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the business posted $0.34 earnings per share. Marvell Technology’s revenue was up .6% on a year-over-year basis. Analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology’s payout ratio is currently -22.22%.

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 outstanding shares. This buyback authorization allows the semiconductor company to purchase 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 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.