Qsemble Capital Management LP Invests $2.99 Million in Marvell Technology, Inc. (NASDAQ:MRVL)

Qsemble Capital Management LP purchased a new stake in Marvell Technology, Inc. (NASDAQ:MRVL) in the 3rd quarter, HoldingsChannel reports. The fund purchased 41,384 shares of the semiconductor company’s stock, valued at approximately $2,985,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Swedbank AB raised its position in Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after buying an additional 2,024,269 shares during the last quarter. Van ECK Associates Corp lifted its stake in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in Marvell Technology during the 2nd quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. grew its stake in shares of Marvell Technology by 934.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock worth $105,747,000 after acquiring an additional 1,366,553 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $92.24 on Tuesday. The company’s 50 day simple moving average is $80.67 and its two-hundred day simple moving average is $73.59. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1 year low of $50.35 and a 1 year high of $95.09. The stock has a market capitalization of $81.74 billion, a PE ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company earned $0.18 EPS. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. Analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last 90 days. 0.33% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Barclays boosted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Rosenblatt Securities upped their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Loop Capital initiated coverage on Marvell Technology in a report on Monday, November 11th. They set a “hold” rating and a $95.00 price target on the stock. Bank of America boosted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $91.77.

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.