Stratos Wealth Advisors LLC Reduces Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Stratos Wealth Advisors LLC cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 26.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,738 shares of the semiconductor company’s stock after selling 2,830 shares during the period. Stratos Wealth Advisors LLC’s holdings in Marvell Technology were worth $558,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MRVL. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology in the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the 2nd quarter valued at $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the 2nd quarter valued at $32,000. Mark Sheptoff Financial Planning LLC bought a new position in Marvell Technology in the 1st quarter worth $35,000. Finally, Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after purchasing an additional 336 shares during the period. 83.51% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on MRVL shares. Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Barclays increased their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Bank of America increased their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Trading Up 2.5 %

MRVL stock opened at $81.83 on Tuesday. The firm has a fifty day moving average price of $72.42 and a 200 day moving average price of $70.26. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The firm has a market cap of $70.83 billion, a PE ratio of -72.42, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

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

Marvell Technology Announces Dividend

The business also recently disclosed 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. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred 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 transaction, 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 transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 255,000 shares of company stock valued at $19,846,215 in the last ninety days. 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.