Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,862 shares of the semiconductor company’s stock after acquiring an additional 171 shares during the quarter. New York Life Investment Management LLC’s holdings in Marvell Technology were worth $957,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Matrix Capital Management Company LP raised its stake in Marvell Technology by 54.3% in the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after purchasing an additional 4,634,127 shares during the last quarter. 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 buying an additional 2,142,391 shares during the last quarter. Wellington Management Group LLP lifted its stake in shares of Marvell Technology by 87.0% during the third quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after buying an additional 2,115,366 shares during the period. Alkeon Capital Management LLC acquired a new stake in Marvell Technology during the third quarter worth approximately $102,847,000. Finally, Rokos Capital Management LLP grew its stake in Marvell Technology by 176.5% in the 3rd quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock worth $79,977,000 after acquiring an additional 930,158 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,473,805 in the last three months. 0.45% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. Raymond James raised their price objective on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Two research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $68.68 on Wednesday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The firm has a 50-day simple moving average of $69.87 and a 200 day simple moving average of $63.48. Marvell Technology, Inc. has a fifty-two week low of $39.23 and a fifty-two week high of $85.76. The company has a market cap of $59.48 billion, a PE ratio of -63.59, a P/E/G ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter last year, the company earned $0.34 EPS. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology declared that its board has initiated a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

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.