Wedmont Private Capital Boosts Stake in Marvell Technology
Increased Positions in Marvell Technology
Wedmont Private Capital has significantly increased its investment in Marvell Technology, Inc. (NASDAQ:MRVL). In the first quarter, Wedmont added 532 shares, raising its total holding to 4,809 shares. This investment is now worth $353,000.
Other Major Players Investing
Other institutional investors and hedge funds have also shown strong interest in Marvell Technology:
- Norges Bank acquired a new stake worth about $511,215,000 in the fourth quarter.
- Matrix Capital Management Company LP increased its stake by 54.3% in the third quarter, now holding 13,166,824 shares valued at $712,720,000.
- Brown Advisory Inc. raised its position by 25.9%, holding 14,764,957 shares worth $890,475,000.
- Aspex Management HK Ltd doubled its investment, owning 5,712,564 shares valued at $344,525,000.
- Wellington Management Group LLP increased its stake by 87.0%, now possessing 4,548,206 shares valued at $246,194,000.
In total, around 83.51% of Marvell Technology is owned by hedge funds and institutional investors.
Current Stock Performance
As of the recent market close, Marvell Technology (MRVL) traded at $71.89 per share. The company has a market capitalization of $62.23 billion, a price-to-earnings (P/E) ratio of -63.62, and a beta of 1.46. Over the past year, the stock has seen lows of $46.07 and highs of $85.76. It maintains a debt-to-equity ratio of 0.28, with both quick and current ratios at 1.24 and 1.80 respectively.
Financial Performance
In its latest earnings report, Marvell Technology achieved:
- Earnings Per Share (EPS): $0.24, meeting analysts' expectations.
- Revenue: $1.16 billion, slightly beating the consensus estimate of $1.15 billion but marking a 12.2% decrease from the prior year.
Dividend Announcement
Marvell Technology announced a quarterly dividend of $0.06 per share, which will be paid on July 31. This represents an annual dividend yield of 0.33%.
Stock Buyback
The company's Board of Directors has authorized a $3.00 billion share repurchase plan, allowing the repurchase of up to 4.8% of its shares. Share buybacks are often seen as an indication that a company believes its stock is undervalued.
Wall Street Analysts' Take
Several analysts have provided optimistic forecasts for Marvell Technology:
- TD Cowen increased its price target to $90.00.
- Oppenheimer raised its target price from $80.00 to $90.00.
- Citigroup issued a $91.00 price target.
- Roth Mkm set a price target at $95.00.
Overall, based on data from MarketBeat, the stock has an average rating of "Moderate Buy" with a consensus price target of $85.00.
Insider Activity
There have been recent transactions by Marvell Technology insiders:
- CFO Willem A. Meintjes sold 1,000 shares at $71.50, totaling $71,500.
- EVP Chris Koopmans sold 5,000 shares at $71.25, totaling $356,250.
Insider sales are usually monitored as they can indicate confidence or concerns from company executives about the stock's future performance.
About Marvell Technology
Marvell Technology, Inc., along with its subsidiaries, provides semiconductor solutions for data infrastructure, covering areas from data center cores to network edges. The company excels in integrating analog, mixed-signal, and digital signal processing functionalities into complex System-on-a-Chip architectures.
