LGT Group Foundation Has $4.07 Million Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

LGT Group Foundation lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 27.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 58,250 shares of the semiconductor company’s stock after selling 21,807 shares during the period. LGT Group Foundation’s holdings in Marvell Technology were worth $4,072,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of MRVL. Norges Bank acquired a new position in Marvell Technology in the 4th quarter valued at about $511,215,000. Lazard Asset Management LLC grew its stake in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during the last quarter. Brown Advisory Inc. grew its stake in Marvell Technology by 25.9% in the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after buying an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd grew its stake in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares during the last quarter. Finally, Whale Rock Capital Management LLC acquired a new position in Marvell Technology in the 1st quarter valued at about $181,559,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MRVL. Morgan Stanley increased their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Bank of America increased their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. KeyCorp increased their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Finally, StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Insider Transactions at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Durn purchased 1,425 shares of Marvell Technology stock in a transaction on Monday, June 24th. The stock was bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the acquisition, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The disclosure for this purchase can be found here. Insiders sold a total of 65,500 shares of company stock worth $4,872,620 over the last three months. 0.33% of the stock is owned by company insiders.

Marvell Technology Price Performance

MRVL stock opened at $68.93 on Tuesday. The company has a fifty day moving average price of $68.11 and a 200-day moving average price of $69.63. The company has a market capitalization of $61.09 billion, a P/E ratio of -61.00, a PEG ratio of 2.91 and a beta of 1.46. Marvell Technology, Inc. has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -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.