Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by National Bank of Canada FI

National Bank of Canada FI boosted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 38.6% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 781,510 shares of the semiconductor company’s stock after acquiring an additional 217,529 shares during the quarter. National Bank of Canada FI’s holdings in Marvell Technology were worth $45,460,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Matrix Capital Management Company LP lifted its stake in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after buying an additional 4,634,127 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares during the period. Wellington Management Group LLP grew its position in Marvell Technology by 87.0% in the 3rd quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock valued at $246,194,000 after buying an additional 2,115,366 shares in the last quarter. Alkeon Capital Management LLC bought a new position in Marvell Technology during the 3rd quarter valued at $102,847,000. Finally, Rokos Capital Management LLP increased its position in shares of Marvell Technology by 176.5% during the 3rd quarter. Rokos Capital Management LLP now owns 1,457,044 shares of the semiconductor company’s stock valued at $79,977,000 after purchasing an additional 930,158 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Up 0.9 %

Shares of MRVL traded up $0.60 during midday trading on Monday, hitting $69.11. The stock had a trading volume of 2,468,339 shares, compared to its average volume of 13,678,688. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm has a market cap of $59.85 billion, a price-to-earnings ratio of -64.00, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48. The company has a 50 day simple moving average of $69.85 and a two-hundred day simple moving average of $63.21. Marvell Technology, Inc. has a twelve month low of $39.23 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. On average, analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology declared that its board has approved a stock repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Rosenblatt Securities restated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. B. Riley reissued a “buy” rating and set a $95.00 target price (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Raymond James boosted their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.