PKO Investment Management Joint Stock Co Buys Shares of 80,000 Marvell Technology, Inc. (NASDAQ:MRVL)

PKO Investment Management Joint Stock Co purchased a new position in Marvell Technology, Inc. (NASDAQ:MRVL) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 80,000 shares of the semiconductor company’s stock, valued at approximately $4,926,000.

A number of other institutional investors have also made changes to their positions in the stock. Insigneo Advisory Services LLC increased its stake in shares of Marvell Technology by 22.1% in the 1st quarter. Insigneo Advisory Services LLC now owns 3,954 shares of the semiconductor company’s stock valued at $243,000 after acquiring an additional 716 shares during the last quarter. WD Rutherford LLC grew its holdings in Marvell Technology by 25.0% during the first quarter. WD Rutherford LLC now owns 31,447 shares of the semiconductor company’s stock valued at $1,936,000 after purchasing an additional 6,289 shares during the period. QRG Capital Management Inc. increased its position in shares of Marvell Technology by 82.4% in the 1st quarter. QRG Capital Management Inc. now owns 70,127 shares of the semiconductor company’s stock valued at $4,318,000 after buying an additional 31,676 shares in the last quarter. Sagespring Wealth Partners LLC grew its stake in Marvell Technology by 9.5% in the first quarter. Sagespring Wealth Partners LLC now owns 4,093 shares of the semiconductor company’s stock valued at $252,000 after acquiring an additional 355 shares during the period. Finally, Brighton Jones LLC increased its holdings in shares of Marvell Technology by 15.8% in the first quarter. Brighton Jones LLC now owns 10,980 shares of the semiconductor company’s stock worth $676,000 after acquiring an additional 1,501 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $70.42 on Tuesday. Marvell Technology, Inc. has a 12-month low of $47.09 and a 12-month high of $127.48. The firm has a market capitalization of $60.83 billion, a price-to-earnings ratio of -41.42, a P/E/G ratio of 1.61 and a beta of 1.76. The stock’s 50 day moving average price is $60.71 and its two-hundred day moving average price is $84.98. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the firm earned $0.24 EPS. The firm’s revenue was up 63.3% compared to the same quarter last year. On average, analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date is Friday, July 11th. Marvell Technology’s payout ratio is presently -42.11%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the completion of the sale, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. The trade was a 1.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer now owns 29,572 shares in the company, valued at $2,025,682. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MRVL shares. Benchmark reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, May 30th. Rosenblatt Securities reiterated a “buy” rating and issued a $124.00 price target on shares of Marvell Technology in a report on Friday, May 30th. Cantor Fitzgerald restated a “neutral” rating and set a $60.00 price objective on shares of Marvell Technology in a report on Friday, May 30th. Summit Insights lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. Finally, Evercore ISI dropped their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a research note on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $94.73.

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.