Waycross Partners LLC Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Waycross Partners LLC raised its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 13.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 190,868 shares of the semiconductor company’s stock after purchasing an additional 22,156 shares during the period. Marvell Technology accounts for about 2.0% of Waycross Partners LLC’s portfolio, making the stock its 20th largest position. Waycross Partners LLC’s holdings in Marvell Technology were worth $13,342,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MRVL. Vanguard Group Inc. boosted its stake in shares of Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after purchasing an additional 468,086 shares in the last quarter. Capital Research Global Investors boosted its position in Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after acquiring an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP increased its holdings in shares of Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after acquiring an additional 1,888,676 shares during the period. Janus Henderson Group PLC raised its position in shares of Marvell Technology by 13.4% in the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after acquiring an additional 1,591,874 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Marvell Technology during the 4th quarter worth $511,215,000. Institutional investors own 83.51% of the company’s stock.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold 60,500 shares of company stock valued at $4,505,520 over the last ninety days. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on MRVL. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group raised their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Benchmark boosted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Up 0.2 %

Shares of MRVL stock opened at $74.48 on Monday. The stock has a 50 day simple moving average of $68.26 and a 200-day simple moving average of $69.77. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The company has a market cap of $66.00 billion, a price-to-earnings ratio of -65.91, a PEG ratio of 3.29 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the firm posted $0.18 earnings per share. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s payout ratio is currently -21.24%.

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.