Norden Group LLC Invests $2.37 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Norden Group LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 33,502 shares of the semiconductor company’s stock, valued at approximately $2,374,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. increased its position in Marvell Technology by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after purchasing an additional 1,890,753 shares during the period. Capital Research Global Investors boosted its stake in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP increased its holdings in Marvell Technology by 14.3% during the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after buying an additional 1,888,676 shares during the period. Brown Advisory Inc. raised its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after buying an additional 3,036,495 shares in the last quarter. Finally, Norges Bank purchased a new stake in Marvell Technology during the fourth quarter worth $511,215,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Trading Up 0.8 %

NASDAQ MRVL opened at $72.20 on Friday. The stock has a 50-day simple moving average of $70.82 and a two-hundred day simple moving average of $68.71. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.17 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a $0.06 dividend. The ex-dividend date is Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Marvell Technology declared that its board has approved a stock buyback plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MRVL shares. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Barclays boosted their target price on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. TD Cowen raised their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Finally, B. Riley increased their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, May 31st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $85.00.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $70.07, for a total value of $175,175.00. Following the completion of the transaction, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. 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 dated Monday, July 1st. The shares were sold at an average price of $70.07, for a total transaction of $175,175.00. Following the completion of the sale, the executive vice president now owns 20,450 shares in the company, valued at approximately $1,432,931.50. The disclosure for this sale can be found here. Insiders have sold a total of 81,000 shares of company stock valued at $5,607,740 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

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.