Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by New England Research & Management Inc.

New England Research & Management Inc. raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 22.7% during the first quarter, HoldingsChannel reports. The firm owned 15,925 shares of the semiconductor company’s stock after buying an additional 2,950 shares during the period. New England Research & Management Inc.’s holdings in Marvell Technology were worth $1,129,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of MRVL. Vanguard Group Inc. increased its stake in shares of Marvell Technology by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after acquiring an additional 1,890,753 shares during the period. Capital Research Global Investors increased its stake in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after acquiring an additional 185,479 shares during the period. Matrix Capital Management Company LP increased its stake in shares of Marvell Technology by 14.3% during the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after acquiring an additional 1,888,676 shares during the period. Brown Advisory Inc. increased its stake in shares of Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the period. Finally, Norges Bank acquired a new position in shares of Marvell Technology during the fourth quarter worth about $511,215,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Daniel Durn purchased 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The shares were bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Daniel Durn purchased 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The shares were bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares in the company, valued at approximately $135,013.83. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Insiders have sold a total of 79,500 shares of company stock valued at $5,504,065 over the last quarter. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MRVL shares. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Morgan Stanley upped their target price on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Friday, May 31st. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Stifel Nicolaus upped their target price on shares of Marvell Technology from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. One 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 company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $85.00.

Marvell Technology Stock Performance

Shares of MRVL opened at $69.90 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The company’s 50 day simple moving average is $70.26 and its 200 day simple moving average is $68.32. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

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

Marvell Technology announced that its board has initiated a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

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.