Global Retirement Partners LLC Sells 331 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Global Retirement Partners LLC reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.5% in the third quarter, Holdings Channel reports. The fund owned 5,732 shares of the semiconductor company’s stock after selling 331 shares during the quarter. Global Retirement Partners LLC’s holdings in Marvell Technology were worth $413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MRVL. American International Group Inc. boosted its holdings in Marvell Technology by 1.5% in the 4th quarter. American International Group Inc. now owns 66,986 shares of the semiconductor company’s stock worth $4,040,000 after buying an additional 993 shares during the period. NBC Securities Inc. boosted its holdings in Marvell Technology by 124.8% in the 1st quarter. NBC Securities Inc. now owns 1,938 shares of the semiconductor company’s stock worth $137,000 after buying an additional 1,076 shares during the period. Salem Investment Counselors Inc. boosted its holdings in Marvell Technology by 20.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 2,197 shares of the semiconductor company’s stock worth $156,000 after buying an additional 373 shares during the period. Ballentine Partners LLC boosted its holdings in Marvell Technology by 13.7% in the 1st quarter. Ballentine Partners LLC now owns 5,457 shares of the semiconductor company’s stock worth $387,000 after buying an additional 657 shares during the period. Finally, AdvisorNet Financial Inc boosted its holdings in Marvell Technology by 4.9% in the 1st quarter. AdvisorNet Financial Inc now owns 3,695 shares of the semiconductor company’s stock worth $262,000 after buying an additional 171 shares during the period. 83.51% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on MRVL. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group raised their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $81.83 on Tuesday. The stock has a market cap of $70.83 billion, a PE ratio of -72.42, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company’s fifty day moving average is $72.42 and its 200 day moving average is $70.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 EPS. Research analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share 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 issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insiders Place Their Bets

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at $26,044,472.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 255,000 shares of company stock valued at $19,846,215 in the last quarter. Insiders own 0.33% of the company’s stock.

Marvell Technology 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.