AdvisorNet Financial Inc Has $271,000 Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

AdvisorNet Financial Inc increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,870 shares of the semiconductor company’s stock after purchasing an additional 175 shares during the period. AdvisorNet Financial Inc’s holdings in Marvell Technology were worth $271,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Cerity Partners LLC lifted its holdings in Marvell Technology by 111.4% during the fourth quarter. Cerity Partners LLC now owns 15,701 shares of the semiconductor company’s stock worth $947,000 after acquiring an additional 8,273 shares in the last quarter. NewEdge Wealth LLC lifted its holdings in Marvell Technology by 9.8% during the fourth quarter. NewEdge Wealth LLC now owns 7,902 shares of the semiconductor company’s stock worth $477,000 after acquiring an additional 705 shares in the last quarter. Simplicity Solutions LLC lifted its holdings in Marvell Technology by 8.0% during the fourth quarter. Simplicity Solutions LLC now owns 12,563 shares of the semiconductor company’s stock worth $758,000 after acquiring an additional 928 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors bought a new position in Marvell Technology during the fourth quarter worth about $208,000. Finally, Mackenzie Financial Corp lifted its holdings in Marvell Technology by 1.2% during the fourth quarter. Mackenzie Financial Corp now owns 63,398 shares of the semiconductor company’s stock worth $3,824,000 after acquiring an additional 721 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on MRVL shares. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Jefferies Financial Group started coverage on Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price target on the stock. Stifel Nicolaus boosted their price target on Marvell Technology from $86.00 to $90.00 and gave the company a “buy” rating in a report on Friday, May 31st. Oppenheimer restated an “outperform” rating and issued a $90.00 price target (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Morgan Stanley boosted their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $85.50.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the transaction, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The disclosure for this sale can be found here. Insiders have sold 64,000 shares of company stock worth $4,772,495 in the last 90 days. Insiders own 0.33% of the company’s stock.

Marvell Technology Stock Up 9.3 %

MRVL stock traded up $5.93 during mid-day trading on Thursday, reaching $69.72. 11,336,781 shares of the company traded hands, compared to its average volume of 12,538,205. The stock has a market cap of $60.35 billion, a price-to-earnings ratio of -59.83, a P/E/G ratio of 2.99 and a beta of 1.47. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The firm’s 50 day moving average price is $68.24 and its 200 day moving average price is $69.33.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company’s quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is presently -21.24%.

About Marvell Technology

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.