Jennison Associates LLC Acquires 341 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Jennison Associates LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 0.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 694,385 shares of the semiconductor company’s stock after purchasing an additional 341 shares during the period. Jennison Associates LLC owned approximately 0.08% of Marvell Technology worth $50,079,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Edgestream Partners L.P. purchased a new position in Marvell Technology during the 1st quarter worth $394,000. O Shaughnessy Asset Management LLC raised its holdings in shares of Marvell Technology by 22.3% in the first quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company’s stock valued at $1,896,000 after acquiring an additional 4,882 shares in the last quarter. UniSuper Management Pty Ltd lifted its stake in Marvell Technology by 93.7% in the first quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company’s stock worth $865,000 after acquiring an additional 5,900 shares during the period. CreativeOne Wealth LLC bought a new position in Marvell Technology during the 1st quarter worth about $393,000. Finally, Axxcess Wealth Management LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $204,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 over the last quarter. 0.33% of the stock is owned by company insiders.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $92.94 on Friday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The stock has a market cap of $82.36 billion, a P/E ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm has a 50-day moving average of $79.94 and a two-hundred day moving average of $73.22.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. On average, research analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Analyst Ratings Changes

A number of research firms have recently issued reports on MRVL. Rosenblatt Securities increased their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Evercore ISI lifted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group increased their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Profile

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.