Great Valley Advisor Group Inc. Raises Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Great Valley Advisor Group Inc. grew its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 2.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,480 shares of the semiconductor company’s stock after buying an additional 156 shares during the quarter. Great Valley Advisor Group Inc.’s holdings in Marvell Technology were worth $467,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in MRVL. Icon Wealth Advisors LLC raised its position in Marvell Technology by 393.1% during the third quarter. Icon Wealth Advisors LLC now owns 12,174 shares of the semiconductor company’s stock valued at $878,000 after purchasing an additional 9,705 shares during the period. Raymond James Trust N.A. boosted its holdings in shares of Marvell Technology by 14.4% in the 3rd quarter. Raymond James Trust N.A. now owns 21,248 shares of the semiconductor company’s stock worth $1,532,000 after purchasing an additional 2,670 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after purchasing an additional 66,654 shares during the last quarter. Tradewinds LLC. raised its holdings in Marvell Technology by 19.4% during the 3rd quarter. Tradewinds LLC. now owns 13,949 shares of the semiconductor company’s stock valued at $1,006,000 after buying an additional 2,264 shares during the period. Finally, Primecap Management Co. CA lifted its position in Marvell Technology by 5.4% in the third quarter. Primecap Management Co. CA now owns 1,899,600 shares of the semiconductor company’s stock worth $136,999,000 after buying an additional 96,900 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

NASDAQ MRVL opened at $93.14 on Wednesday. The company has a market cap of $82.54 billion, a PE ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.55. 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 firm’s 50 day moving average price is $81.05 and its 200-day moving average price is $73.76.

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

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Loop Capital assumed coverage on shares of Marvell Technology in a research note on Monday, November 11th. They issued a “hold” rating and a $95.00 target price on the stock. Benchmark increased their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Bank of America boosted 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. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Piper Sandler reissued an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $93.43.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the 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 completion of the sale, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. The trade was a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,000 shares of company stock worth $20,899,260. Corporate 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.