Prudential PLC, a global financial services company, has increased its position in Marvell Technology, Inc. (NASDAQ:MRVL) during the first quarter of this year. According to its latest filing with the Securities and Exchange Commission, Prudential PLC now owns 187,270 shares of Marvell Technology’s stock after acquiring an additional 8,316 shares. This increase in holdings brings the total value of Prudential PLC’s investment in Marvell Technology to $8,109,000.
Marvell Technology recently reported its quarterly earnings data on August 24th. The semiconductor company exceeded expectations by reporting earnings per share of $0.33 for the quarter, beating the consensus estimate by $0.01. Despite a negative net margin of 6.74%, Marvell Technology achieved a positive return on equity of 6.13%. The company generated revenue of $1.34 billion during the quarter, slightly surpassing analysts’ estimates.
Although Marvell Technology’s revenue for this quarter was down 11.6% compared to the same period last year, research analysts are optimistic about its performance for the current fiscal year. They predict that Marvell Technology will post earnings per share of $0.88.
In response to these positive results, various equities analysts have commented on Marvell Technology’s stock in recent weeks. Barclays raised their price target from $55.00 to $75.00 in a research note on July 20th, while JPMorgan Chase & Co. increased their target from $60.00 to $70.00 on May 26th.
Meanwhile, Bank of America reduced their price objective from $80.00 to $75.00 but maintained a “buy” rating on the stock following Marvell Technology’s performance announcement on August 25th.
Stifel Nicolaus also expressed confidence in Marvell Technology by raising their price objective from $65.00 to $75.00 and giving the stock a “buy” rating on July 20th.
Deutsche Bank Aktiengesellschaft, on the other hand, increased their price objective from $50.00 to $65.00 in a research note released on May 26th.
Overall, Marvell Technology has received positive ratings from analysts, with two rated as a hold and twenty-two assigned a buy rating. According to Bloomberg, the company currently has a consensus rating of “Moderate Buy,” with an average target price of $66.56.
As of September 3, 2023, this information remains valid and provides valuable insights into Prudential PLC’s increased position in Marvell Technology and the positive performance recorded by the semiconductor company during its latest quarter earnings announcement.
Institutional Investors and Insiders Show Mixed Sentiment Towards Marvell Technology (NASDAQ:MRVL)
Marvell Technology (NASDAQ:MRVL) has seen several institutional investors and hedge funds adjust their stakes in the company in recent months. This includes Barrett & Company Inc., Resurgent Financial Advisors LLC, Oakworth Capital Inc., CoreCap Advisors LLC, and Worth Asset Management LLC. These investors have either added to or reduced their positions in Marvell Technology, indicating varied opinions on the stock.
Barrett & Company Inc. acquired a new position in Marvell Technology during the first quarter, with shares valued at approximately $26,000. Similarly, Resurgent Financial Advisors LLC purchased new shares in the fourth quarter worth around $28,000. Also in the first quarter, Oakworth Capital Inc. bought Marvell Technology shares for roughly $33,000. CoreCap Advisors LLC joined this trend by acquiring shares valued at about $36,000 during the fourth quarter of last year. Lastly, Worth Asset Management LLC entered into a new position during the first quarter with approximately $40,000 worth of Marvell Technology shares. In total, institutional investors now own 83.32% of the company’s stock.
In terms of insider trading activity within Marvell Technology, Sandeep Bharathi engaged in a transaction on June 12th where he sold 1,724 shares of company stock at an average price of $61.94 per share. This brought his total transaction amount to $106,784.56. Following this sale, Bharathi holds 86,426 shares directly in Marvell Technology which are valued at approximately $5,353,226.44.
Additionally, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock on June 20th at an average price of $60.88 per share for a total transaction amount of $1,826,400.
Over the past three months alone, insiders have sold a total of 114k+ shares underlining potential concerns or profit-taking opportunities. These transactions have amounted to a total value of $7,044,475.
Analysts advise investors to keep an eye on the stock’s performance as it has shown some volatility recently. On September 3rd, Marvell Technology traded at $57.77 and had a trading volume of 2,792,844 shares, significantly lower than its average volume of 12,903,219 shares.
Marvell Technology currently has a market capitalization of $49.84 billion and a price-to-earnings (P/E) ratio of -131.27. The stock’s P/E ratio suggests that the company is not currently generating profits but may be expected to grow in the future with a price-to-earnings growth (PEG) ratio of 6.89.
The company has exhibited a beta value of 1.40, indicating that it tends to move more than the overall market. Marvell Technology also boasts a debt-to-equity ratio of 0.20, showcasing its strong financial position.
With a current ratio of 1.03 and quick ratio of 0.71, Marvell Technology exhibits sufficient liquidity to meet short-term obligations.
Looking back over the past year, Marvell Technology has seen its share price range from a low of $33.75 to reach as high as $67.99.
Considering the recent actions by investors and insiders, as well as analyzing technical indicators such as moving averages and market performance metrics like P/E ratios and betas can assist potential investors in making informed decisions about their investments in Marvell Technology (NASDAQ:MRVL). Investors should closely monitor any updates or announcements regarding this technology company to stay updated on any significant developments that may impact its stock performance in this dynamic market environment.