First Trust Direct Indexing L.P. Has $427,000 Position in Marvell Technology, Inc. (NASDAQ:MRVL)

First Trust Direct Indexing L.P. lifted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 36.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,074 shares of the semiconductor company’s stock after buying an additional 1,890 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Marvell Technology were worth $427,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of MRVL. SJS Investment Consulting Inc. boosted its holdings in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the period. Buck Wealth Strategies LLC grew its position in Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after buying an additional 425 shares in the last quarter. Oliver Lagore Vanvalin Investment Group raised its holdings in Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 165 shares in the last quarter. BluePath Capital Management LLC acquired a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $31,000. Finally, Whittier Trust Co. lifted its position in shares of Marvell Technology by 59.9% during the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock worth $33,000 after buying an additional 226 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the 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 transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock valued at $7,473,805 in the last quarter. 0.45% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. TD Cowen increased their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Citigroup reiterated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Morgan Stanley boosted their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Price Performance

MRVL opened at $69.82 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company’s 50-day simple moving average is $69.88 and its two-hundred day simple moving average is $63.34. The stock has a market capitalization of $60.46 billion, a P/E ratio of -64.65, a P/E/G ratio of 5.01 and a beta of 1.48. Marvell Technology, Inc. has a 52-week low of $39.23 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 for the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the company earned $0.34 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. As a group, analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology declared that its Board of Directors has initiated a share repurchase program on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were paid a dividend of $0.06 per share. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s dividend payout ratio is -22.22%.

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.