Marvell Technology, Inc. (NASDAQ:MRVL) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 45.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 398,088 shares of the semiconductor company’s stock after purchasing an additional 124,328 shares during the period. Handelsbanken Fonder AB’s holdings in Marvell Technology were worth $24,009,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the stock. CWM LLC raised its position in shares of Marvell Technology by 1.4% during the 4th quarter. CWM LLC now owns 14,289 shares of the semiconductor company’s stock worth $862,000 after acquiring an additional 200 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Marvell Technology by 6.9% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 100,039 shares of the semiconductor company’s stock worth $6,033,000 after acquiring an additional 6,495 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Marvell Technology by 1.3% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 111,630 shares of the semiconductor company’s stock worth $6,732,000 after acquiring an additional 1,465 shares in the last quarter. Signaturefd LLC raised its position in shares of Marvell Technology by 5.8% during the 4th quarter. Signaturefd LLC now owns 10,332 shares of the semiconductor company’s stock worth $623,000 after acquiring an additional 563 shares in the last quarter. Finally, Lindbrook Capital LLC raised its position in shares of Marvell Technology by 79.0% during the 4th quarter. Lindbrook Capital LLC now owns 902 shares of the semiconductor company’s stock worth $54,000 after acquiring an additional 398 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 1.2 %

Shares of MRVL stock opened at $62.88 on Tuesday. 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 1-year low of $36.90 and a 1-year high of $85.76. The business’s fifty day moving average price is $69.97 and its 200 day moving average price is $62.40.

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

Marvell Technology announced that its Board of Directors has initiated a stock 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 repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the company’s 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 in the company, valued at $1,376,973.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,500 shares of company stock valued at $7,477,515. Insiders own 0.45% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MRVL. Roth Mkm reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. TD Cowen boosted their price objective on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, UBS Group boosted their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $81.13.

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.