Zurcher Kantonalbank Zurich Cantonalbank Acquires 254,810 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 146.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 428,258 shares of the semiconductor company’s stock after purchasing an additional 254,810 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Marvell Technology were worth $25,828,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. FMR LLC increased its position in Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. increased its position in Marvell Technology by 0.7% during the third quarter. Vanguard Group Inc. now owns 70,451,609 shares of the semiconductor company’s stock valued at $3,813,546,000 after acquiring an additional 477,731 shares during the last quarter. Moneta Group Investment Advisors LLC increased its position in Marvell Technology by 118,898.0% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after acquiring an additional 62,400,056 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its position in Marvell Technology by 6.8% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after acquiring an additional 1,603,857 shares during the last quarter. Finally, State Street Corp increased its position in Marvell Technology by 3.8% during the first quarter. State Street Corp now owns 19,449,228 shares of the semiconductor company’s stock valued at $842,151,000 after acquiring an additional 715,036 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the 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 directly owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’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 transaction, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,000 shares of company stock valued at $7,315,640. 0.45% of the stock is currently owned by insiders.

Marvell Technology Stock Down 2.6 %

NASDAQ:MRVL opened at $66.48 on Thursday. Marvell Technology, Inc. has a 1-year low of $36.90 and a 1-year high of $85.76. The company has a 50-day moving average of $70.37 and a 200 day moving average of $62.12. The firm has a market cap of $57.57 billion, a PE ratio of -61.55, a price-to-earnings-growth ratio of 4.99 and a beta of 1.50. 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 quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion during the quarter, compared to analyst estimates 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 quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has initiated a stock buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Analyst Ratings Changes

MRVL has been the topic of a number of analyst reports. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Morgan Stanley boosted their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Oppenheimer reiterated an “outperform” rating and set a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. UBS Group boosted their price objective on shares of Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Finally, Roth Mkm restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

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.