Adell Harriman & Carpenter Inc. Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Adell Harriman & Carpenter Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 25.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 32,593 shares of the semiconductor company’s stock after buying an additional 6,625 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Marvell Technology were worth $1,966,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of MRVL. Massachusetts Financial Services Co. MA increased its stake in Marvell Technology by 43.7% in the third 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 during the period. Kingswood Wealth Advisors LLC raised its holdings in shares of Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares in the last quarter. Fred Alger Management LLC boosted its position in Marvell Technology by 2.4% during the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after acquiring an additional 95,003 shares in the last quarter. NewEdge Wealth LLC boosted its position in Marvell Technology by 15.6% during the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. grew its stake in Marvell Technology by 15.8% in the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Barclays upped their price target on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Evercore ISI assumed coverage on shares of Marvell Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 target price for the company. Finally, Raymond James raised their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Trading Down 0.7 %

Shares of NASDAQ MRVL traded down $0.49 during midday trading on Tuesday, reaching $68.26. 825,691 shares of the stock were exchanged, compared to its average volume of 13,762,668. The company has a market capitalization of $59.11 billion, a P/E ratio of -63.66, a P/E/G ratio of 5.09 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a 52-week low of $38.63 and a 52-week high of $85.76. The stock has a 50 day moving average price of $69.92 and a 200-day moving average price of $62.83.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 EPS. Equities research analysts expect that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 transaction of $2,030,100.00. Following the completion of the sale, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,477,515 over the last quarter. Company insiders own 0.45% 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.