Howe & Rusling Inc. Buys New Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Howe & Rusling Inc. acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 44,939 shares of the semiconductor company’s stock, valued at approximately $2,710,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Matrix Capital Management Company LP lifted its position in shares of Marvell Technology by 54.3% during the 3rd 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 in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of Marvell Technology by 87.0% in the third quarter. Wellington Management Group LLP now owns 4,548,206 shares of the semiconductor company’s stock worth $246,194,000 after purchasing an additional 2,115,366 shares during the period. Alkeon Capital Management LLC purchased a new stake in shares of Marvell Technology in the third quarter worth $102,847,000. Finally, Rokos Capital Management LLP raised 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 currently owned by hedge funds and other institutional investors.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the sale, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,500 shares of company stock worth $7,477,515. Company insiders own 0.45% of the company’s stock.

Marvell Technology Trading Down 3.2 %

Shares of MRVL traded down $2.09 during mid-day trading on Wednesday, reaching $63.82. 11,085,190 shares of the company’s stock traded hands, compared to its average volume of 13,829,869. 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 stock’s 50-day moving average is $69.93 and its two-hundred day moving average is $62.92. Marvell Technology, Inc. has a 12 month low of $38.63 and a 12 month high of $85.76. The stock has a market cap of $55.27 billion, a P/E ratio of -59.31, a P/E/G ratio of 5.03 and a beta of 1.50.

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

Marvell Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MRVL. Evercore ISI initiated coverage on Marvell Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price target for the company. B. Riley reaffirmed a “buy” rating and set a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Finally, UBS Group increased their price objective on shares of Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a report on Monday, February 26th. One investment 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. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $81.13.

About Marvell Technology

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.