Primecap Management Co. CA Acquires 896,500 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Primecap Management Co. CA raised its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 98.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,802,700 shares of the semiconductor company’s stock after purchasing an additional 896,500 shares during the quarter. Primecap Management Co. CA owned 0.21% of Marvell Technology worth $126,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Tlwm lifted its stake in shares of Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after buying an additional 136 shares in the last quarter. Bruce G. Allen Investments LLC boosted its position in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Trueblood Wealth Management LLC grew its stake in Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after acquiring an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in Marvell Technology by 0.5% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after acquiring an additional 162 shares during the period. Finally, Sheaff Brock Investment Advisors LLC lifted its stake in Marvell Technology by 0.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after purchasing an additional 168 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MRVL shares. Bank of America upped their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. B. Riley lifted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Morgan Stanley raised their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $91.62.

Insiders Place Their Bets

In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $72.77 on Wednesday. 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, Inc. has a one year low of $46.07 and a one year high of $85.76. The business’s 50 day simple moving average is $68.23 and its two-hundred day simple moving average is $69.80. The stock has a market capitalization of $62.99 billion, a P/E ratio of -64.40, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company 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 firm’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 earnings per share. Analysts forecast that Marvell Technology, Inc. will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -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.