Cyndeo Wealth Partners LLC Grows Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Cyndeo Wealth Partners LLC lifted its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 15.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,934 shares of the semiconductor company’s stock after purchasing an additional 519 shares during the quarter. Cyndeo Wealth Partners LLC’s holdings in Marvell Technology were worth $284,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Tlwm raised its stake in shares of Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 136 shares during the last quarter. New Century Financial Group LLC lifted its holdings in Marvell Technology by 3.0% in the 3rd 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 during the period. Parisi Gray Wealth Management grew its position in shares of Marvell Technology by 4.2% in the 3rd quarter. Parisi Gray Wealth Management now owns 4,161 shares of the semiconductor company’s stock worth $300,000 after buying an additional 166 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of Marvell Technology by 0.4% during 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 acquiring an additional 168 shares in the last quarter. Finally, Pathway Financial Advisers LLC lifted its stake in 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. 83.51% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on MRVL shares. Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities upped their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Benchmark raised their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment 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. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Up 2.5 %

Marvell Technology stock opened at $81.83 on Tuesday. The firm has a market cap of $70.83 billion, a price-to-earnings ratio of -72.42, a PEG ratio of 3.17 and a beta of 1.45. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 12 month low of $46.07 and a 12 month high of $85.76. The stock has a fifty day simple moving average of $72.42 and a two-hundred day simple moving average of $70.26.

Marvell Technology (NASDAQ:MRVL) last issued its 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 business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction 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 of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value 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. This trade 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, CFO Willem A. Meintjes sold 1,500 shares of the company’s 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 sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 255,000 shares of company stock valued at $19,846,215 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

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.