Dakota Wealth Management Increases Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Dakota Wealth Management increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.9% during the second quarter, HoldingsChannel reports. The institutional investor owned 12,303 shares of the semiconductor company’s stock after acquiring an additional 229 shares during the period. Dakota Wealth Management’s holdings in Marvell Technology were worth $860,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MRVL. Cerity Partners LLC lifted its position in shares of Marvell Technology by 111.4% during the 4th quarter. Cerity Partners LLC now owns 15,701 shares of the semiconductor company’s stock valued at $947,000 after buying an additional 8,273 shares in the last quarter. Mackenzie Financial Corp raised its stake in Marvell Technology by 1.2% in the 4th quarter. Mackenzie Financial Corp now owns 63,398 shares of the semiconductor company’s stock valued at $3,824,000 after purchasing an additional 721 shares during the last quarter. Xponance Inc. raised its stake in Marvell Technology by 1.6% in the 4th quarter. Xponance Inc. now owns 33,556 shares of the semiconductor company’s stock valued at $2,024,000 after purchasing an additional 513 shares during the last quarter. Greenleaf Trust raised its stake in Marvell Technology by 4.6% in the 4th quarter. Greenleaf Trust now owns 6,327 shares of the semiconductor company’s stock valued at $382,000 after purchasing an additional 280 shares during the last quarter. Finally, Lindbrook Capital LLC raised its stake in Marvell Technology by 79.0% in the 4th quarter. Lindbrook Capital LLC now owns 902 shares of the semiconductor company’s stock valued at $54,000 after purchasing an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

MRVL traded down $2.04 during trading on Tuesday, hitting $69.00. 4,296,043 shares of the stock were exchanged, compared to its average volume of 12,503,384. The firm has a market capitalization of $59.73 billion, a P/E ratio of -62.87, a PEG ratio of 2.99 and a beta of 1.47. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The stock has a fifty day moving average price of $68.32 and a two-hundred day moving average price of $69.36. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.17 earnings per share. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, July 12th. Marvell Technology’s payout ratio is currently -21.24%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred 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 owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,500 shares of company stock valued at $4,872,620. Company insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on MRVL. Jefferies Financial Group began coverage on Marvell Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $85.00 price objective for the company. Barclays increased their price objective on Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Finally, B. Riley raised their target price on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One 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. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average target price of $85.50.

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.