Holocene Advisors LP Acquires Shares of 1,665,500 Marvell Technology, Inc. (NASDAQ:MRVL)

Holocene Advisors LP acquired a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the third quarter, HoldingsChannel.com reports. The fund acquired 1,665,500 shares of the semiconductor company’s stock, valued at approximately $120,116,000.

A number of other institutional investors also recently added to or reduced their stakes in MRVL. True Wealth Design LLC grew its holdings in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology during the second quarter worth approximately $32,000. Quarry LP purchased a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Whittier Trust Co. raised its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Briaud Financial Planning Inc purchased a new stake in shares of Marvell Technology during the third quarter valued at approximately $43,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent analyst reports. Benchmark upped their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday. Bank of America upped their price objective 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. Loop Capital assumed coverage on Marvell Technology in a report on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. Finally, Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $96.43.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $92.69 on Monday. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.55. The stock’s 50 day moving average price is $82.50 and its two-hundred day moving average price is $74.40. The firm has a market capitalization of $82.14 billion, a price-to-earnings ratio of -83.50, a P/E/G ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations 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 for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 earnings per share. On average, analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 over the last quarter. 0.33% of the stock is owned by corporate insiders.

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.