Daiwa Securities Group Inc. Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Daiwa Securities Group Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 15.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,517 shares of the semiconductor company’s stock after purchasing an additional 17,415 shares during the period. Daiwa Securities Group Inc.’s holdings in Marvell Technology were worth $9,629,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its stake in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Swedbank AB raised its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after buying an additional 2,024,269 shares during the period. Van ECK Associates Corp grew its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 shares during the period. D1 Capital Partners L.P. acquired a new stake in shares of Marvell Technology in the second quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. raised its stake in shares of Marvell Technology by 934.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock valued at $105,747,000 after acquiring an additional 1,366,553 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Insider Activity

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock valued at $20,899,260. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the company. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI boosted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Finally, Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Trading Down 0.3 %

Shares of NASDAQ MRVL opened at $92.24 on Tuesday. The company has a market cap of $81.74 billion, a price-to-earnings ratio of -83.10, a price-to-earnings-growth ratio of 4.02 and a beta of 1.44. The stock’s 50 day simple moving average is $80.67 and its 200 day simple moving average is $73.59. The company has a current ratio of 1.79, a quick ratio of 1.26 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 $95.09.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. Equities research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s payout ratio is currently -21.62%.

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.