17,316 Shares in Marvell Technology, Inc. (NASDAQ:MRVL) Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 17,316 shares of the semiconductor company’s stock, valued at approximately $1,010,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MRVL. Neuberger Berman Group LLC raised its position in Marvell Technology by 116.9% during the first quarter. Neuberger Berman Group LLC now owns 6,738,832 shares of the semiconductor company’s stock worth $330,020,000 after acquiring an additional 3,632,647 shares during the last quarter. BlackRock Inc. increased its position in Marvell Technology by 4.8% during the first quarter. BlackRock Inc. now owns 61,356,750 shares of the semiconductor company’s stock worth $3,005,256,000 after purchasing an additional 2,835,624 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in Marvell Technology during the second quarter worth approximately $156,600,000. Janus Henderson Group PLC grew its stake in Marvell Technology by 70.4% during the first quarter. Janus Henderson Group PLC now owns 6,231,513 shares of the semiconductor company’s stock worth $305,248,000 after buying an additional 2,575,236 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Marvell Technology by 17.8% in the first quarter. Goldman Sachs Group Inc. now owns 17,017,345 shares of the semiconductor company’s stock valued at $833,510,000 after purchasing an additional 2,572,268 shares during the period. Hedge funds and other institutional investors own 84.98% of the company’s stock.

Shares of Marvell Technology stock opened at $62.46 on Thursday. Marvell Technology, Inc. has a 12-month low of $35.30 and a 12-month high of $64.07. The stock has a market cap of $51.44 billion, a P/E ratio of -130.13, a P/E/G ratio of 3.23 and a beta of 1.07. The company has a quick ratio of 1.25, a current ratio of 1.50 and a debt-to-equity ratio of 0.12. The business’s 50 day moving average is $59.76 and its 200-day moving average is $52.50.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Wednesday, August 25th. The semiconductor company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Marvell Technology had a positive return on equity of 6.40% and a negative net margin of 10.74%. During the same period in the previous year, the firm posted $0.21 EPS. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.92 EPS for the current year.

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $61.86, for a total value of $309,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 20,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, July 15th. The shares were sold at an average price of $55.92, for a total value of $1,118,400.00. The disclosure for this sale can be found here. Insiders sold 45,150 shares of company stock valued at $2,620,125 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

MRVL has been the topic of a number of research reports. Stifel Nicolaus increased their target price on shares of Marvell Technology from $70.00 to $74.00 and gave the stock a “buy” rating in a report on Friday, August 27th. Rosenblatt Securities increased their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, June 8th. UBS Group raised their price objective on shares of Marvell Technology from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Friday, August 27th. Piper Sandler raised their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Friday, August 27th. Finally, BMO Capital Markets raised their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, August 23rd. Five research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has an average rating of “Buy” and an average target price of $67.38.

Marvell Technology Company Profile

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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