Private Wealth Partners LLC Purchases New Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Private Wealth Partners LLC purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 9,915 shares of the semiconductor company’s stock, valued at approximately $598,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA raised its stake in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in Marvell Technology by 328.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after acquiring an additional 18,357 shares in the last quarter. Fred Alger Management LLC raised its stake in Marvell Technology by 2.4% during the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after acquiring an additional 95,003 shares in the last quarter. NewEdge Wealth LLC raised its stake in Marvell Technology by 15.6% during the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after acquiring an additional 973 shares in the last quarter. Finally, Montag A & Associates Inc. raised its stake in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after acquiring an additional 8,836 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 3.2 %

Shares of Marvell Technology stock traded up $2.14 on Friday, reaching $69.62. 11,543,835 shares of the company’s stock were exchanged, compared to its average volume of 11,314,156. The company has a market capitalization of $60.29 billion, a P/E ratio of -64.46, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. Marvell Technology, Inc. has a 52 week low of $37.71 and a 52 week high of $85.76. The firm’s 50-day moving average is $69.87 and its two-hundred day moving average is $62.67. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.34 EPS. Sell-side analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

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

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction 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 sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,500 shares of company stock worth $7,477,515. Corporate insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MRVL. B. Riley reissued a “buy” rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, KeyCorp lowered 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. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology 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.