Connors Investor Services Inc. Takes Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Connors Investor Services Inc. acquired a new position in Marvell Technology, Inc. (NASDAQ:MRVL) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,500 shares of the semiconductor company’s stock, valued at approximately $315,000.

Several other hedge funds also recently added to or reduced their stakes in MRVL. Primecap Management Co. CA grew its holdings in shares of Marvell Technology by 98.9% during the 2nd quarter. Primecap Management Co. CA now owns 1,802,700 shares of the semiconductor company’s stock worth $126,009,000 after purchasing an additional 896,500 shares during the period. Lmcg Investments LLC boosted its stake in Marvell Technology by 13.3% during the second quarter. Lmcg Investments LLC now owns 115,980 shares of the semiconductor company’s stock worth $8,107,000 after buying an additional 13,598 shares during the period. Citizens Financial Group Inc. RI acquired a new stake in shares of Marvell Technology during the second quarter valued at about $540,000. Dimensional Fund Advisors LP raised its stake in shares of Marvell Technology by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after acquiring an additional 25,983 shares during the period. Finally, Waycross Partners LLC lifted its holdings in shares of Marvell Technology by 13.1% in the 2nd quarter. Waycross Partners LLC now owns 190,868 shares of the semiconductor company’s stock worth $13,342,000 after acquiring an additional 22,156 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Trading Down 1.5 %

Shares of Marvell Technology stock opened at $73.40 on Tuesday. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The company has a fifty day simple moving average of $68.23 and a 200-day simple moving average of $69.80. The stock has a market cap of $63.54 billion, a price-to-earnings ratio of -64.96, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology, Inc. has a 12-month low of $46.07 and a 12-month high of $85.76.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is currently -21.24%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. The Goldman Sachs Group boosted their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research 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 note on Friday, August 30th. Evercore ISI increased their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday. Finally, Benchmark boosted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 152,500 shares of company stock worth $11,328,240. Insiders own 0.33% of the company’s stock.

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.