Crossmark Global Holdings Inc. Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Crossmark Global Holdings Inc. raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 14.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,732 shares of the semiconductor company’s stock after purchasing an additional 829 shares during the period. Crossmark Global Holdings Inc.’s holdings in Marvell Technology were worth $414,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Rossby Financial LCC acquired a new stake in Marvell Technology in the first quarter worth about $27,000. Security National Bank acquired a new stake in Marvell Technology in the first quarter worth about $31,000. Lee Danner & Bass Inc. acquired a new stake in Marvell Technology in the fourth quarter worth about $35,000. Capital Analysts LLC boosted its holdings in Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 241 shares in the last quarter. Finally, Garde Capital Inc. acquired a new stake in Marvell Technology in the first quarter worth about $39,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 0.9%

Marvell Technology stock opened at $72.71 on Monday. The stock has a market capitalization of $62.81 billion, a PE ratio of -127.56, a price-to-earnings-growth ratio of 0.79 and a beta of 1.81. Marvell Technology, Inc. has a 12 month low of $47.09 and a 12 month high of $127.48. The business has a 50 day simple moving average of $67.80 and a 200-day simple moving average of $80.05. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business’s revenue was up 63.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s payout ratio is -42.11%.

Insider Transactions at Marvell Technology

In related news, CAO Panteha Dixon sold 1,283 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer directly owned 29,572 shares in the company, valued at approximately $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, the chief financial officer owned 121,348 shares of the company’s stock, valued at $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock valued at $1,656,076 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MRVL shares. Piper Sandler reissued an “overweight” rating and issued a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Melius Research lifted their target price on Marvell Technology from $67.00 to $76.00 and gave the stock a “hold” rating in a report on Wednesday, June 18th. Citigroup decreased their target price on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a report on Friday, April 11th. Finally, The Goldman Sachs Group began coverage on Marvell Technology in a report on Thursday. They set a “neutral” rating and a $75.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $94.47.

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.