Raymond James Trust N.A. Has $1.30 Million Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Raymond James Trust N.A. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 16.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 18,578 shares of the semiconductor company’s stock after purchasing an additional 2,652 shares during the period. Raymond James Trust N.A.’s holdings in Marvell Technology were worth $1,299,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC grew its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the first quarter valued at about $31,000. Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the first quarter valued at about $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Marvell Technology in the first quarter valued at about $35,000. Finally, Bogart Wealth LLC lifted its holdings in shares of Marvell Technology by 1,480.0% in the first quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after purchasing an additional 592 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on MRVL shares. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Thursday. 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. 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. KeyCorp boosted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Evercore ISI boosted their price target on Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $85.50.

Insider Activity

In other 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 of the company’s stock, valued at $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the 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 sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is owned by insiders.

Marvell Technology Stock Performance

NASDAQ MRVL traded up $3.18 during trading on Friday, reaching $71.84. 12,982,763 shares of the company’s stock were exchanged, compared to its average volume of 12,507,469. The business has a 50 day moving average price of $68.15 and a 200-day moving average price of $69.44. The stock has a market capitalization of $62.18 billion, a P/E ratio of -63.58, a PEG ratio of 2.99 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

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

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is -21.24%.

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.