Massachusetts Financial Services Co. MA Purchases 45,042 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Massachusetts Financial Services Co. MA increased its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,690,691 shares of the semiconductor company’s stock after buying an additional 45,042 shares during the period. Massachusetts Financial Services Co. MA owned 0.45% of Marvell Technology worth $222,586,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the stock. Crossmark Global Holdings Inc. boosted its holdings in shares of Marvell Technology by 3.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 4,751 shares of the semiconductor company’s stock worth $287,000 after buying an additional 160 shares during the period. Veriti Management LLC boosted its holdings in shares of Marvell Technology by 1.0% during the 3rd quarter. Veriti Management LLC now owns 16,624 shares of the semiconductor company’s stock worth $1,003,000 after buying an additional 166 shares during the period. BDO Wealth Advisors LLC boosted its holdings in shares of Marvell Technology by 13.5% during the 2nd quarter. BDO Wealth Advisors LLC now owns 1,400 shares of the semiconductor company’s stock worth $82,000 after buying an additional 167 shares during the period. Mid Atlantic Financial Management Inc. ADV boosted its holdings in shares of Marvell Technology by 2.3% during the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 7,780 shares of the semiconductor company’s stock worth $454,000 after buying an additional 178 shares during the period. Finally, Nations Financial Group Inc. IA ADV boosted its holdings in shares of Marvell Technology by 1.3% during the 2nd quarter. Nations Financial Group Inc. IA ADV now owns 13,534 shares of the semiconductor company’s stock worth $789,000 after buying an additional 178 shares during the period. 82.24% of the stock is owned by institutional investors and hedge funds.

Several analysts have weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating and issued a $98.00 price objective (up previously from $82.00) on shares of Marvell Technology in a research note on Friday, December 3rd. Piper Sandler lifted their price objective on shares of Marvell Technology from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Friday, December 3rd. UBS Group lifted their price objective on shares of Marvell Technology from $87.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, December 3rd. Stifel Nicolaus lifted their price objective on shares of Marvell Technology from $80.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, December 3rd. Finally, Susquehanna Bancshares boosted their target price on shares of Marvell Technology from $75.00 to $82.00 and gave the company a “positive” rating in a research report on Wednesday, December 1st. Three analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Buy” and a consensus price target of $98.46.

Marvell Technology stock opened at $83.00 on Friday. Marvell Technology, Inc. has a 12-month low of $37.92 and a 12-month high of $93.85. The firm’s fifty day moving average is $81.37 and its 200 day moving average is $68.47.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Wednesday, December 1st. The semiconductor company reported $0.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.05. Marvell Technology had a negative net margin of 10.48% and a positive return on equity of 8.26%. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the previous year, the company earned $0.17 EPS. Marvell Technology’s quarterly revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.98 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 26th. Investors of record on Friday, January 7th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, January 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. Marvell Technology’s payout ratio is presently -45.28%.

In other news, CAO Willem A. Meintjes sold 20,000 shares of the stock in a transaction dated Monday, December 6th. The shares were sold at an average price of $81.86, for a total value of $1,637,200.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Loi Nguyen sold 495 shares of the stock in a transaction dated Tuesday, December 28th. The shares were sold at an average price of $90.81, for a total transaction of $44,950.95. The disclosure for this sale can be found here. Insiders have sold a total of 599,573 shares of company stock worth $46,543,921 in the last quarter. 0.29% of the stock is owned by corporate insiders.

Marvell Technology 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.

Recommended Story: Conference Calls

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

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.