Independence Bank of Kentucky Buys 1,025 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Independence Bank of Kentucky raised its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 78.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,325 shares of the semiconductor company’s stock after buying an additional 1,025 shares during the period. Independence Bank of Kentucky’s holdings in Marvell Technology were worth $143,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter valued at about $27,000. Lee Danner & Bass Inc. acquired a new stake in shares of Marvell Technology during the fourth quarter valued at about $35,000. Capital Analysts LLC boosted its stake in shares of Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 241 shares in the last quarter. Finally, Compass Financial Services Inc bought a new stake in shares of Marvell Technology during the fourth quarter worth about $40,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 4.9%

MRVL stock opened at $68.35 on Monday. The stock’s 50 day simple moving average is $58.83 and its 200 day simple moving average is $85.94. The company has a market cap of $59.04 billion, a P/E ratio of -40.21, a price-to-earnings-growth ratio of 1.61 and a beta of 1.76. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology, Inc. has a fifty-two week low of $47.09 and a fifty-two week high of $127.48.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. Marvell Technology’s revenue for the quarter was up 63.3% on a year-over-year basis. On average, research analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio is -42.11%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MRVL shares. China Renaissance assumed coverage on shares of Marvell Technology in a research report on Thursday. They set a “buy” rating and a $110.00 target price on the stock. Bank of America decreased their price target on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. TD Cowen upped their price target on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, May 30th. Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Finally, Melius cut shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. Seven research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $94.73.

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 626 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now owns 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the sale, the chief operating officer now owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 33,541 shares of company stock worth $2,079,948 in the last quarter. 0.19% 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.