TOMS Capital Investment Management LP Purchases 435,065 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

TOMS Capital Investment Management LP raised its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 82.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 961,500 shares of the semiconductor company’s stock after purchasing an additional 435,065 shares during the quarter. Marvell Technology comprises approximately 2.6% of TOMS Capital Investment Management LP’s investment portfolio, making the stock its 7th biggest holding. TOMS Capital Investment Management LP owned 0.11% of Marvell Technology worth $69,343,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Paloma Partners Management Co increased its stake in shares of Marvell Technology by 1,017.9% during the third quarter. Paloma Partners Management Co now owns 490,735 shares of the semiconductor company’s stock valued at $35,392,000 after acquiring an additional 446,839 shares during the period. Erste Asset Management GmbH acquired a new position in shares of Marvell Technology during the third quarter valued at approximately $7,395,000. True Wealth Design LLC increased its stake in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the period. Kolinsky Wealth Management LLC increased its stake in shares of Marvell Technology by 11.2% during the third quarter. Kolinsky Wealth Management LLC now owns 5,447 shares of the semiconductor company’s stock valued at $393,000 after acquiring an additional 547 shares during the period. Finally, Captrust Financial Advisors boosted its holdings in Marvell Technology by 3.5% during the third quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company’s stock worth $2,671,000 after buying an additional 1,260 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MRVL shares. Rosenblatt Securities raised their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Susquehanna raised their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a report on Wednesday, November 27th. Loop Capital started coverage on shares of Marvell Technology in a report on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Three equities research 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 MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $95.39.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by corporate insiders.

Marvell Technology Stock Up 2.9 %

MRVL stock opened at $92.69 on Monday. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.55. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a market cap of $82.14 billion, a price-to-earnings ratio of -83.50, a PEG ratio of 4.03 and a beta of 1.44. The company has a 50 day moving average of $82.50 and a two-hundred day moving average of $74.37.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate 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 for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

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.