Chicago Partners Investment Group LLC Trims Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Chicago Partners Investment Group LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 21.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,863 shares of the semiconductor company’s stock after selling 774 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Marvell Technology were worth $206,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Tlwm boosted its position in Marvell Technology by 1.6% in the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after purchasing an additional 136 shares in the last quarter. New Century Financial Group LLC boosted its holdings in Marvell Technology by 3.0% during the third quarter. New Century Financial Group LLC now owns 5,428 shares of the semiconductor company’s stock worth $391,000 after buying an additional 156 shares in the last quarter. Parisi Gray Wealth Management grew its position in Marvell Technology by 4.2% during the third quarter. Parisi Gray Wealth Management now owns 4,161 shares of the semiconductor company’s stock valued at $300,000 after buying an additional 166 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in Marvell Technology by 0.4% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock valued at $3,143,000 after buying an additional 168 shares in the last quarter. Finally, Pathway Financial Advisers LLC raised its position in shares of Marvell Technology by 1.2% in the second quarter. Pathway Financial Advisers LLC now owns 14,601 shares of the semiconductor company’s stock worth $1,019,000 after acquiring an additional 169 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Roth Mkm restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America increased their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research 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. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $87.19 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock’s fifty day moving average is $75.60 and its two-hundred day moving average is $71.36. The firm has a market capitalization of $77.27 billion, a P/E ratio of -78.55, a price-to-earnings-growth ratio of 3.68 and a beta of 1.44. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $87.99.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the company posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. On average, 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 was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.28%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Marvell Technology Company 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.