Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Vontobel Holding Ltd.

Vontobel Holding Ltd. cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 21.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 76,059 shares of the semiconductor company’s stock after selling 21,357 shares during the quarter. Vontobel Holding Ltd.’s holdings in Marvell Technology were worth $5,485,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Salomon & Ludwin LLC purchased a new stake in Marvell Technology during the first quarter worth about $31,000. Quarry LP purchased a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Optimum Investment Advisors purchased a new position in Marvell Technology in the 1st quarter valued at approximately $35,000. Finally, Mark Sheptoff Financial Planning LLC acquired a new position in Marvell Technology during the first quarter worth $35,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday. Finally, Piper Sandler reissued an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Down 2.2 %

Shares of MRVL stock opened at $79.91 on Friday. The firm’s 50-day simple moving average is $71.23 and its 200-day simple moving average is $70.12. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology, Inc. has a 1-year low of $46.07 and a 1-year high of $85.76. The firm has a market cap of $69.17 billion, a P/E ratio of -70.72, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.18 earnings per share. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 255,000 shares of company stock valued at $19,846,215. Company insiders own 0.33% of the company’s stock.

About Marvell Technology

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.