Franklin Resources Inc. Increases Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Franklin Resources Inc. boosted its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 5.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,789,577 shares of the semiconductor company’s stock after buying an additional 150,487 shares during the quarter. Franklin Resources Inc.’s holdings in Marvell Technology were worth $103,326,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Fisher Asset Management LLC lifted its position in shares of Marvell Technology by 2,626.8% during the third quarter. Fisher Asset Management LLC now owns 11,556,965 shares of the semiconductor company’s stock worth $495,909,000 after purchasing an additional 11,133,134 shares in the last quarter. Fred Alger Management LLC acquired a new stake in Marvell Technology in the third quarter valued at approximately $142,412,000. Ceredex Value Advisors LLC acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $70,210,000. Brown Advisory Inc. raised its holdings in Marvell Technology by 15.9% in the third quarter. Brown Advisory Inc. now owns 11,194,297 shares of the semiconductor company’s stock valued at $480,348,000 after acquiring an additional 1,534,769 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in Marvell Technology by 59.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,896,080 shares of the semiconductor company’s stock valued at $167,181,000 after acquiring an additional 1,455,798 shares in the last quarter. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $49.47 on Friday. Marvell Technology, Inc. has a twelve month low of $33.75 and a twelve month high of $61.50. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $42.50 billion, a price-to-earnings ratio of -260.37, a price-to-earnings-growth ratio of 16.16 and a beta of 1.44. The business has a 50 day simple moving average of $41.16 and a 200-day simple moving average of $41.52.

Marvell Technology (NASDAQ:MRVL – Get Rating) last issued its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the business earned $0.37 EPS. The business’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.85 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 26th. Investors of record on Friday, April 7th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Wednesday, April 5th. This represents a $0.24 dividend on an annualized basis and a yield of 0.49%. Marvell Technology’s dividend payout ratio is currently -126.32%.

Insider Activity at Marvell Technology

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total transaction of $270,000.00. Following the completion of the transaction, the executive vice president now owns 12,879 shares in the company, valued at approximately $579,555. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on MRVL shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $50.00 target price on shares of Marvell Technology in a report on Friday, March 3rd. Barclays raised their price objective on shares of Marvell Technology from $45.00 to $55.00 in a report on Friday. Citigroup lowered their target price on shares of Marvell Technology from $65.00 to $58.00 in a report on Friday, March 3rd. Bank of America boosted their price target on shares of Marvell Technology from $51.00 to $70.00 in a research report on Friday. Finally, Credit Suisse Group dropped their price objective on Marvell Technology from $56.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $61.08.

About Marvell Technology

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.