Zweig DiMenna Associates LLC Increases Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Zweig DiMenna Associates LLC grew its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 51.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 202,500 shares of the semiconductor company’s stock after acquiring an additional 68,500 shares during the quarter. Marvell Technology comprises 1.4% of Zweig DiMenna Associates LLC’s investment portfolio, making the stock its 23rd largest holding. Zweig DiMenna Associates LLC’s holdings in Marvell Technology were worth $12,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Quilter Plc purchased a new position in Marvell Technology during the first quarter worth about $248,250,000. SRS Capital Advisors Inc. grew its position in Marvell Technology by 216.2% during the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after buying an additional 281 shares during the period. SJS Investment Consulting Inc. grew its position in Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares during the period. Buck Wealth Strategies LLC grew its position in Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after buying an additional 425 shares during the period. Finally, BluePath Capital Management LLC acquired a new position in Marvell Technology during the third quarter worth about $31,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Ford Tamer sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The shares were sold at an average price of $60.20, for a total value of $1,806,000.00. Following the completion of the sale, the director now directly owns 40,403 shares of the company’s stock, valued at approximately $2,432,260.60. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold a total of 138,000 shares of company stock valued at $8,994,790 in the last quarter. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on MRVL shares. Cantor Fitzgerald started coverage on shares of Marvell Technology in a research report on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 price target on the stock. B. Riley reiterated a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. TD Cowen increased their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday. Finally, Rosenblatt Securities reissued a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $75.75.

Marvell Technology Trading Up 2.5 %

Shares of MRVL traded up $1.77 during midday trading on Friday, hitting $72.65. The company had a trading volume of 9,412,980 shares, compared to its average volume of 16,261,227. The company’s 50 day moving average price is $70.04 and its 200 day moving average price is $61.15. Marvell Technology, Inc. has a 52 week low of $36.90 and a 52 week high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.34 EPS. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its board has approved a stock repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

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.