Acadian Asset Management LLC Makes New Investment in Marvell Technology, Inc. (NASDAQ:MRVL)

Acadian Asset Management LLC purchased a new stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 1,417 shares of the semiconductor company’s stock, valued at approximately $84,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its position in Marvell Technology by 0.4% in the 1st quarter. FMR LLC now owns 128,532,727 shares of the semiconductor company’s stock valued at $5,565,467,000 after acquiring an additional 555,578 shares during the period. Moneta Group Investment Advisors LLC lifted its holdings in Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after buying an additional 62,400,056 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Marvell Technology by 123.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock valued at $1,819,025,000 after buying an additional 23,220,407 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of Marvell Technology by 6.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after buying an additional 1,603,857 shares during the period. Finally, State Street Corp raised its position in shares of Marvell Technology by 3.8% during the first quarter. State Street Corp now owns 19,449,228 shares of the semiconductor company’s stock worth $842,151,000 after acquiring an additional 715,036 shares during the last quarter. 83.32% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have weighed in on MRVL. B. Riley increased their target price on shares of Marvell Technology from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, August 25th. Rosenblatt Securities reissued a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a research note on Wednesday, September 20th. Evercore ISI cut their price target on shares of Marvell Technology from $70.00 to $60.00 in a research report on Thursday, October 5th. Susquehanna lifted their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, August 23rd. Finally, Oppenheimer restated an “outperform” rating and set a $70.00 target price on shares of Marvell Technology in a research report on Friday, August 25th. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $66.11.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $56.38 on Tuesday. The company has a fifty day moving average price of $52.56 and a 200-day moving average price of $55.90. The firm has a market cap of $48.64 billion, a price-to-earnings ratio of -128.14, a PEG ratio of 6.77 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.65. Marvell Technology, Inc. has a 1 year low of $33.75 and a 1 year high of $67.99.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 24th. The semiconductor company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.32 by $0.01. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.33 billion. Marvell Technology had a negative net margin of 6.74% and a positive return on equity of 6.13%. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter last year, the business posted $0.41 EPS. As a group, equities research analysts predict that Marvell Technology, Inc. will post 0.88 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 25th. Investors of record on Friday, October 6th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.24 dividend on an annualized basis and a yield of 0.43%. Marvell Technology’s dividend payout ratio (DPR) is presently -54.55%.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 2,000 shares of Marvell Technology stock in a transaction that occurred on Friday, September 15th. The shares were sold at an average price of $55.57, for a total value of $111,140.00. Following the sale, the executive vice president now owns 134,737 shares of the company’s stock, valued at approximately $7,487,335.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $53.36, for a total value of $1,600,800.00. Following the completion of the sale, the chief executive officer now owns 869,287 shares of the company’s stock, valued at approximately $46,385,154.32. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 2,000 shares of the stock in a transaction dated Friday, September 15th. The stock was sold at an average price of $55.57, for a total transaction of $111,140.00. Following the transaction, the executive vice president now owns 134,737 shares of the company’s stock, valued at approximately $7,487,335.09. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 102,000 shares of company stock valued at $5,573,990. Company insiders own 0.45% of the company’s stock.

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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.