Cerity Partners LLC Purchases 8,273 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Cerity Partners LLC lifted its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 111.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,701 shares of the semiconductor company’s stock after buying an additional 8,273 shares during the period. Cerity Partners LLC’s holdings in Marvell Technology were worth $947,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MRVL. FMR LLC increased its position in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after acquiring an additional 421,622 shares during the last quarter. Vanguard Group Inc. grew its stake in Marvell Technology by 0.7% in the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after purchasing an additional 477,731 shares in the last quarter. Matrix Capital Management Company LP grew its stake in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Invesco Ltd. increased its position in shares of Marvell Technology by 9.2% during the 3rd quarter. Invesco Ltd. now owns 8,259,375 shares of the semiconductor company’s stock worth $447,080,000 after purchasing an additional 698,359 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on MRVL shares. Oppenheimer restated an “outperform” rating and set a $80.00 target price (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. TD Cowen boosted their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research note on Wednesday, March 27th. KeyCorp lowered their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Saturday. Two analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $62.88 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 12-month low of $36.90 and a 12-month high of $85.76. The company’s 50 day moving average price is $69.97 and its two-hundred day moving average price is $62.40. The firm has a market cap of $54.45 billion, a PE ratio of -58.22, a PEG ratio of 4.54 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The business 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%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. Equities research analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology declared that its Board of Directors has initiated a share buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Marvell Technology Announces Dividend

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

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.