Healthcare of Ontario Pension Plan Trust Fund Has $21.68 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Healthcare of Ontario Pension Plan Trust Fund grew its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 274.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 300,663 shares of the semiconductor company’s stock after buying an additional 220,324 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Marvell Technology were worth $21,684,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Citizens Financial Group Inc. RI raised its holdings in Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. lifted its position in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after acquiring an additional 121 shares during the period. United Capital Management of KS Inc. boosted its stake in Marvell Technology by 0.4% during the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after acquiring an additional 131 shares in the last quarter. Tlwm grew its holdings in Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after purchasing an additional 136 shares during the period. Finally, ASB Consultores LLC increased its stake in Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after purchasing an additional 140 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Rosenblatt Securities raised their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Citigroup reissued a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Wells Fargo & Company lifted their price target on Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.39.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 20.76 % 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 worth $20,899,260 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology Stock Performance

MRVL stock opened at $90.10 on Friday. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.55. The stock has a fifty day moving average of $81.82 and a 200-day moving average of $74.05. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the company earned $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology’s payout ratio is -21.62%.

Marvell Technology Profile

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.