Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by First Trust Direct Indexing L.P.

First Trust Direct Indexing L.P. boosted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 36.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,074 shares of the semiconductor company’s stock after purchasing an additional 1,890 shares during the period. First Trust Direct Indexing L.P.’s holdings in Marvell Technology were worth $427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Buck Wealth Strategies LLC boosted its holdings in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the last quarter. SJS Investment Consulting Inc. raised its holdings in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares in the last quarter. BluePath Capital Management LLC purchased a new stake in shares of Marvell Technology during the 3rd quarter worth $31,000. Oliver Lagore Vanvalin Investment Group lifted its stake in Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares during the last quarter. Finally, Whittier Trust Co. grew its position in shares of Marvell Technology by 59.9% in the 3rd quarter. Whittier Trust Co. now owns 603 shares of the semiconductor company’s stock valued at $33,000 after buying an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Oppenheimer reiterated an “outperform” rating and issued a $80.00 target price (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Evercore ISI began coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price objective on the stock. Citigroup restated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. Stifel Nicolaus restated a “buy” rating and set a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Trading Up 1.9 %

Shares of NASDAQ:MRVL opened at $69.82 on Tuesday. The business’s 50 day simple moving average is $69.88 and its 200 day simple moving average is $63.34. The company has a market capitalization of $60.46 billion, a P/E ratio of -64.65, a P/E/G ratio of 5.01 and a beta of 1.48. Marvell Technology, Inc. has a 1 year low of $39.23 and a 1 year high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given 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 was Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology declared that its board has approved a share repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock worth $7,473,805. 0.45% of the stock is currently owned by insiders.

Marvell Technology Company 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.