ICICI Prudential Asset Management Co Ltd Purchases 1,799 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

ICICI Prudential Asset Management Co Ltd increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 18.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 11,307 shares of the semiconductor company’s stock after buying an additional 1,799 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Marvell Technology were worth $815,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MRVL. Vanguard Group Inc. boosted its holdings in shares of Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after purchasing an additional 468,086 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of 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 purchasing an additional 1,570,050 shares during the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after purchasing an additional 150,109 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 261,000 shares of company stock worth $20,330,835 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Trading Down 1.7 %

Shares of NASDAQ:MRVL traded down $1.57 during trading on Wednesday, reaching $91.21. 1,661,090 shares of the company were exchanged, compared to its average volume of 12,135,644. The firm has a market capitalization of $80.83 billion, a PE ratio of -83.59, a P/E/G ratio of 4.01 and a beta of 1.44. The business’s fifty day simple moving average is $77.65 and its 200-day simple moving average is $72.31. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. 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 (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MRVL shares. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group increased their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Finally, Morgan Stanley increased their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus 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.