Lincoln National Corp Buys 833 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Lincoln National Corp raised its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 15.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 6,172 shares of the semiconductor company’s stock after purchasing an additional 833 shares during the period. Lincoln National Corp’s holdings in Marvell Technology were worth $372,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Matrix Capital Management Company LP boosted its holdings 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 worth $712,720,000 after buying an additional 4,634,127 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of 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 purchasing an additional 2,142,391 shares in the last quarter. Wellington Management Group LLP raised its stake in Marvell Technology by 87.0% during the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after purchasing an additional 2,115,366 shares during the period. Alkeon Capital Management LLC bought a new position in Marvell Technology in the 3rd quarter worth approximately $102,847,000. Finally, Rokos Capital Management LLP grew its holdings in Marvell Technology by 176.5% during the 3rd quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after buying an additional 930,158 shares in the last quarter. 83.51% of the stock is 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 company’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the sale, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the transaction, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,473,805 in the last 90 days. 0.33% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently weighed in on MRVL. Barclays raised their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. UBS Group raised their price target on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Monday, March 4th. KeyCorp reduced their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Two research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Stock Performance

MRVL opened at $68.47 on Monday. Marvell Technology, Inc. has a one year low of $39.23 and a one year high of $85.76. 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 stock’s 50 day moving average price is $69.62 and its 200-day moving average price is $63.89.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 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 in the prior year, the company posted $0.34 EPS. Marvell Technology’s quarterly revenue was up .6% on a year-over-year basis. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology declared that its Board of Directors has authorized a stock buyback program 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 programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Marvell Technology Dividend Announcement

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