Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Waycross Partners LLC

Waycross Partners LLC increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 13.1% in the second quarter, HoldingsChannel.com reports. The firm owned 190,868 shares of the semiconductor company’s stock after buying an additional 22,156 shares during the period. Marvell Technology accounts for approximately 2.0% of Waycross Partners LLC’s portfolio, making the stock its 20th largest holding. Waycross Partners LLC’s holdings in Marvell Technology were worth $13,342,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC lifted its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology in the first quarter valued at $31,000. Optimum Investment Advisors purchased a new position in Marvell Technology in the first quarter valued at $35,000. Mark Sheptoff Financial Planning LLC acquired a new position in Marvell Technology during the 1st quarter worth $35,000. Finally, Bogart Wealth LLC increased its holdings in Marvell Technology by 1,480.0% during the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock worth $45,000 after purchasing an additional 592 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MRVL. Benchmark boosted their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. B. Riley boosted their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, May 31st. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group upped their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Price Performance

MRVL stock opened at $74.48 on Monday. The company has a market cap of $66.00 billion, a price-to-earnings ratio of -65.91, a PEG ratio of 3.29 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average of $68.26 and a 200-day moving average of $69.77. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned $0.18 earnings per share. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at approximately $8,150,293.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 60,500 shares of company stock worth $4,505,520. Insiders own 0.33% of the company’s stock.

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.