Cinctive Capital Management LP Acquires Shares of 107,909 Marvell Technology, Inc. (NASDAQ:MRVL)

Cinctive Capital Management LP bought a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 107,909 shares of the semiconductor company’s stock, valued at approximately $7,782,000.

Several other hedge funds have also modified their holdings of MRVL. Ameriprise Financial Inc. grew its holdings in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Van ECK Associates Corp boosted its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. Clearbridge Investments LLC grew its stake in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after purchasing an additional 150,109 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Marvell Technology by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after purchasing an additional 25,983 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $92.69 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company’s fifty day moving average price is $82.50 and its two-hundred day moving average price is $74.40. The firm has a market capitalization of $82.14 billion, a P/E ratio of -83.50, a P/E/G ratio of 4.03 and a beta of 1.44. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.55.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm posted $0.18 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. On average, research 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 announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Analysts Set New Price Targets

Several research analysts have weighed in on MRVL shares. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Barclays raised their price objective on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. Benchmark boosted their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, The Goldman Sachs Group lifted their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.43.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Marvell Technology Company 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.