Amalgamated Bank Purchases 913 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Amalgamated Bank lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,471 shares of the semiconductor company’s stock after buying an additional 913 shares during the period. Amalgamated Bank’s holdings in Marvell Technology were worth $2,861,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Invesco Ltd. boosted its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC boosted its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Wellington Management Group LLP boosted its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC boosted its stake in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after purchasing an additional 80,005 shares during the period. Finally, Norges Bank acquired a new position in Marvell Technology in the 4th quarter worth $1,138,354,000. Institutional investors own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on MRVL shares. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 target price on shares of Marvell Technology in a research note on Wednesday, June 18th. Melius lowered shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 target price for the company. in a research note on Thursday, May 22nd. TD Cowen upped their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. China Renaissance started coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a “buy” rating and a $110.00 target price for the company. Finally, Morgan Stanley increased their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an “equal weight” rating in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $96.33.

Marvell Technology Trading Up 1.2%

Shares of NASDAQ:MRVL opened at $75.15 on Friday. Marvell Technology, Inc. has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a market capitalization of $64.92 billion, a P/E ratio of -131.84, a price-to-earnings-growth ratio of 0.81 and a beta of 1.81. The company has a 50-day simple moving average of $66.54 and a 200 day simple moving average of $81.88. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business’s revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s dividend payout ratio is currently -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total value of $83,590.00. Following the transaction, the chief accounting officer directly owned 32,094 shares of the company’s stock, valued at $2,086,110. This represents a 3.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer directly owned 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 27,394 shares of company stock valued at $1,656,076 in the last 90 days. Insiders own 0.19% of the company’s stock.

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.