Core Wealth Partners LLC Buys 544 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Core Wealth Partners LLC grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 12.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,745 shares of the semiconductor company’s stock after acquiring an additional 544 shares during the quarter. Core Wealth Partners LLC’s holdings in Marvell Technology were worth $336,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MRVL. SJS Investment Consulting Inc. boosted its holdings in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC raised its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. Oliver Lagore Vanvalin Investment Group increased its position in Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after acquiring an additional 165 shares during the last quarter. Raleigh Capital Management Inc. increased its position in Marvell Technology by 532.3% during the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 527 shares during the last quarter. Finally, Optimum Investment Advisors purchased a new stake in Marvell Technology during the first quarter valued at $35,000. 83.51% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of a number of analyst reports. Jefferies Financial Group assumed coverage on Marvell Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $85.00 price target for the company. Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 price objective (up previously from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. KeyCorp dropped 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. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Finally, Evercore ISI increased their price objective on shares of Marvell Technology from $88.00 to $91.00 and gave the company an “outperform” rating in a report on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus price target of $85.00.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the transaction, the executive vice president now directly owns 115,318 shares in the company, valued at $8,466,647.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold 81,000 shares of company stock worth $5,607,740 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Trading Up 0.8 %

MRVL stock traded up $0.60 during mid-day trading on Thursday, reaching $72.20. The company had a trading volume of 6,101,797 shares, compared to its average volume of 10,285,692. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The firm has a 50 day moving average of $70.72 and a 200 day moving average of $68.69. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76.

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

Marvell Technology Announces Dividend

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

Marvell Technology announced that its Board of Directors has authorized 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 repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

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.