PFG Advisors Invests $2.40 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

PFG Advisors acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 34,361 shares of the semiconductor company’s stock, valued at approximately $2,402,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology in the first quarter valued at $31,000. Optimum Investment Advisors acquired a new stake in Marvell Technology during the first quarter worth $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology in the 1st quarter valued at $35,000. Finally, Bogart Wealth LLC raised its stake in shares of Marvell Technology by 1,480.0% in the 1st quarter. Bogart Wealth LLC now owns 632 shares of the semiconductor company’s stock valued at $45,000 after buying an additional 592 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MRVL shares. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark increased their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

Shares of MRVL stock opened at $74.30 on Friday. The firm’s fifty day moving average price is $68.21 and its two-hundred day moving average price is $69.73. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the business earned $0.18 earnings per share. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is presently -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Marvell Technology news, Director Daniel Durn bought 1,425 shares of Marvell Technology stock in a transaction dated Monday, June 24th. The stock was bought at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 directly owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is owned by corporate insiders.

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.