Marvell Technology, Inc. (NASDAQ:MRVL) Shares Acquired by Whittier Trust Co.

Whittier Trust Co. grew its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 74.5% during the third quarter, Holdings Channel reports. The firm owned 492 shares of the semiconductor company’s stock after acquiring an additional 210 shares during the period. Whittier Trust Co.’s holdings in Marvell Technology were worth $35,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Salomon & Ludwin LLC acquired a new stake in Marvell Technology during the first quarter worth about $31,000. Quarry LP acquired a new stake in Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the second quarter worth about $32,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the first quarter worth about $35,000. Finally, Exchange Traded Concepts LLC grew its holdings in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction 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 completion of the sale, the insider now directly 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 disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock worth $20,330,835 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $81.93 on Friday. 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 has a market capitalization of $70.92 billion, a P/E ratio of -72.50, a P/E/G ratio of 3.17 and a beta of 1.45. The stock’s fifty day moving average is $73.42 and its two-hundred day moving average is $70.50.

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

Marvell Technology Announces Dividend

The firm 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. 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 is currently -21.24%.

Analyst Ratings Changes

MRVL has been the topic of several research analyst reports. Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report 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 report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

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.