Goldman Sachs Group Inc. increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 17.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,017,345 shares of the semiconductor company’s stock after purchasing an additional 2,572,268 shares during the quarter. Goldman Sachs Group Inc. owned approximately 2.52% of Marvell Technology worth $833,510,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Safeguard Investment Advisory Group LLC purchased a new position in Marvell Technology during the fourth quarter worth about $25,000. TRU Independence Asset Management 2 LLC purchased a new stake in Marvell Technology in the fourth quarter valued at approximately $25,000. Encompass Wealth Advisors LLC acquired a new position in Marvell Technology during the fourth quarter worth approximately $25,000. Tompkins Financial Corp purchased a new position in Marvell Technology during the fourth quarter worth approximately $27,000. Finally, Arlington Partners LLC purchased a new position in shares of Marvell Technology in the 1st quarter worth about $33,000. Institutional investors and hedge funds own 89.31% of the company’s stock.
In related news, CEO Matthew J. Murphy sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, April 15th. The stock was sold at an average price of $48.66, for a total value of $364,950.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Jean X. Hu sold 16,071 shares of the firm’s stock in a transaction that occurred on Thursday, April 15th. The shares were sold at an average price of $48.54, for a total value of $780,086.34. Following the transaction, the chief financial officer now directly owns 73,182 shares of the company’s stock, valued at approximately $3,552,254.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 51,071 shares of company stock worth $2,357,411. 0.33% of the stock is owned by insiders.
Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Sunday, June 6th. The semiconductor company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Marvell Technology had a positive return on equity of 5.25% and a negative net margin of 8.13%. During the same period in the prior year, the company earned $0.18 EPS. Research analysts expect that Marvell Technology, Inc. will post 1.02 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Investors of record on Friday, July 9th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.47%. The ex-dividend date of this dividend is Thursday, July 8th. Marvell Technology’s payout ratio is currently 41.38%.
Several equities research analysts recently commented on the company. B. Riley raised their target price on Marvell Technology from $56.00 to $66.00 and gave the company a “buy” rating in a report on Tuesday. Morgan Stanley upped their price objective on shares of Marvell Technology from $44.00 to $49.00 and gave the stock an “equal weight” rating in a report on Monday, March 1st. TheStreet lowered Marvell Technology from a “b-” rating to a “c” rating in a report on Wednesday, March 3rd. Needham & Company LLC boosted their price target on shares of Marvell Technology from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Susquehanna restated a “buy” rating on shares of Marvell Technology in a research note on Thursday, June 3rd. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $54.70.
Marvell Technology Company Profile
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.
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