Washburn Capital Management Inc. increased its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 7.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,505 shares of the semiconductor company’s stock after acquiring an additional 375 shares during the quarter. Washburn Capital Management Inc.’s holdings in Marvell Technology were worth $240,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Marvell Technology by 3.4% in the fourth quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock valued at $6,190,323,000 after buying an additional 2,305,751 shares during the period. Vanguard Group Inc. lifted its stake in Marvell Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 64,581,244 shares of the semiconductor company’s stock valued at $4,631,120,000 after buying an additional 1,847,159 shares during the period. State Street Corp lifted its stake in Marvell Technology by 0.9% in the first quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock valued at $1,336,123,000 after buying an additional 174,753 shares during the period. Invesco Ltd. lifted its stake in Marvell Technology by 41.4% in the first quarter. Invesco Ltd. now owns 8,927,218 shares of the semiconductor company’s stock valued at $640,172,000 after buying an additional 2,613,172 shares during the period. Finally, Norges Bank acquired a new position in Marvell Technology in the fourth quarter valued at approximately $651,354,000. 80.95% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
MRVL has been the topic of several recent analyst reports. Citigroup dropped their price target on Marvell Technology from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Monday, August 29th. Bank of America upped their target price on Marvell Technology from $60.00 to $65.00 in a research report on Sunday, August 28th. Craig Hallum lowered their target price on Marvell Technology to $90.00 in a research report on Friday, May 27th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. Finally, Needham & Company LLC lowered their target price on Marvell Technology from $105.00 to $75.00 in a research report on Friday, May 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.21.
Marvell Technology Trading Down 1.9 %
Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings data on Thursday, August 25th. The semiconductor company reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.52 billion. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. The company’s revenue was up 41.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.21 EPS. As a group, equities research analysts predict that Marvell Technology, Inc. will post 1.61 EPS for the current year.
Insider Buying and Selling
In related news, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The stock was sold at an average price of $47.75, for a total transaction of $238,750.00. Following the transaction, the executive vice president now directly owns 108,429 shares in the company, valued at approximately $5,177,484.75. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, EVP Dan Christman sold 14,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $57.28, for a total value of $801,920.00. Following the sale, the executive vice president now directly owns 92,203 shares in the company, valued at approximately $5,281,387.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mitchell Gaynor sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.75, for a total value of $238,750.00. Following the completion of the transaction, the executive vice president now owns 108,429 shares of the company’s stock, valued at approximately $5,177,484.75. The disclosure for this sale can be found here. Insiders have sold a total of 24,000 shares of company stock worth $1,279,020 in the last ninety days. 0.45% of the stock is owned by insiders.
Marvell Technology Company Profile
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
- Get a free copy of the StockNews.com research report on Marvell Technology (MRVL)
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