Richmond Investment Services LLC Invests $262,000 in Marvell Technology, Inc. $MRVL

Richmond Investment Services LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 3,390 shares of the semiconductor company’s stock, valued at approximately $262,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Nuveen LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $399,587,000. Goldman Sachs Group Inc. boosted its position in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Franklin Resources Inc. boosted its position in shares of Marvell Technology by 112.4% in the second quarter. Franklin Resources Inc. now owns 8,097,620 shares of the semiconductor company’s stock valued at $626,756,000 after acquiring an additional 4,285,330 shares during the period. AQR Capital Management LLC grew its stake in Marvell Technology by 662.9% during the first quarter. AQR Capital Management LLC now owns 3,119,855 shares of the semiconductor company’s stock valued at $187,566,000 after acquiring an additional 2,710,894 shares in the last quarter. Finally, Nordea Investment Management AB increased its holdings in Marvell Technology by 48.3% during the 2nd quarter. Nordea Investment Management AB now owns 7,195,669 shares of the semiconductor company’s stock worth $555,650,000 after acquiring an additional 2,344,245 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In other news, insider Sandeep Bharathi bought 3,400 shares of the business’s stock in a transaction dated Thursday, September 25th. The shares were purchased at an average price of $78.03 per share, for a total transaction of $265,302.00. Following the completion of the acquisition, the insider owned 73,392 shares of the company’s stock, valued at approximately $5,726,777.76. This trade represents a 4.86% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Chris Koopmans purchased 6,800 shares of the stock in a transaction that occurred on Thursday, September 25th. The shares were purchased at an average price of $78.03 per share, with a total value of $530,604.00. Following the completion of the acquisition, the chief operating officer directly owned 104,825 shares in the company, valued at $8,179,494.75. The trade was a 6.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 27,200 shares of company stock valued at $2,109,632 over the last quarter. Company insiders own 0.19% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the subject of several analyst reports. Summit Redstone set a $105.00 price target on shares of Marvell Technology in a report on Wednesday, October 15th. Benchmark reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 29th. Susquehanna upped their target price on Marvell Technology from $80.00 to $100.00 and gave the stock a “positive” rating in a research note on Tuesday. Needham & Company LLC raised their price target on Marvell Technology from $80.00 to $95.00 and gave the company a “buy” rating in a report on Thursday, September 25th. Finally, Jefferies Financial Group dropped their price target on Marvell Technology from $90.00 to $80.00 and set a “buy” rating for the company in a research report on Friday, August 29th. Three investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $94.41.

Marvell Technology Price Performance

MRVL opened at $87.72 on Thursday. The stock has a 50-day moving average price of $85.50 and a 200-day moving average price of $75.82. Marvell Technology, Inc. has a 12-month low of $47.08 and a 12-month high of $127.48. The company has a current ratio of 1.88, a quick ratio of 1.44 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $75.62 billion, a P/E ratio of -674.77, a PEG ratio of 1.10 and a beta of 1.95.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.67. The company had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a positive return on equity of 11.01% and a negative net margin of 1.43%.Marvell Technology’s revenue for the quarter was up 57.6% compared to the same quarter last year. During the same period last year, the firm posted $0.30 EPS. Equities analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has initiated a share repurchase program on Wednesday, September 24th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 7.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were issued a $0.06 dividend. The ex-dividend date was Friday, October 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. Marvell Technology’s payout ratio is currently -184.62%.

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.