Marvell Technology, Inc. (NASDAQ:MRVL) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 146.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 428,258 shares of the semiconductor company’s stock after purchasing an additional 254,810 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Marvell Technology were worth $25,828,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC increased its position in shares of Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. grew its position in Marvell Technology by 0.7% in the 3rd quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after acquiring an additional 477,731 shares in the last quarter. Moneta Group Investment Advisors LLC grew its position in Marvell Technology by 118,898.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after acquiring an additional 62,400,056 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in Marvell Technology by 6.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after acquiring an additional 1,603,857 shares in the last quarter. Finally, State Street Corp grew its position in Marvell Technology by 3.8% in the 1st quarter. State Street Corp now owns 19,449,228 shares of the semiconductor company’s stock valued at $842,151,000 after acquiring an additional 715,036 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. UBS Group lifted their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Evercore ISI assumed coverage on Marvell Technology in a research report on Tuesday. They issued an “outperform” rating and a $88.00 target price for the company. KeyCorp decreased their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday, April 8th. Oppenheimer reiterated an “outperform” rating and issued a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Finally, B. Riley reiterated a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

MRVL stock opened at $66.48 on Thursday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology, Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The business has a 50 day moving average price of $70.37 and a 200 day moving average price of $62.12. The stock has a market cap of $57.57 billion, a price-to-earnings ratio of -61.55, a PEG ratio of 4.99 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the business earned $0.34 earnings per share. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Marvell Technology declared that its board has initiated a share buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,000 shares of company stock worth $7,315,640. 0.45% of the stock is owned by 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.