International Assets Investment Management LLC Boosts Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

International Assets Investment Management LLC lifted its position in Marvell Technology, Inc. (NASDAQ:MRVL) by 7,142.2% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,934 shares of the semiconductor company’s stock after purchasing an additional 236,621 shares during the quarter. International Assets Investment Management LLC’s holdings in Marvell Technology were worth $17,304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Marvell Technology by 3.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 47,290 shares of the semiconductor company’s stock valued at $3,352,000 after acquiring an additional 1,501 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in shares of Marvell Technology by 39.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock valued at $578,000 after acquiring an additional 2,286 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Marvell Technology by 2.3% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,162,351 shares of the semiconductor company’s stock valued at $153,267,000 after acquiring an additional 47,855 shares during the last quarter. Azzad Asset Management Inc. ADV lifted its stake in shares of Marvell Technology by 43.8% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 15,523 shares of the semiconductor company’s stock valued at $1,100,000 after acquiring an additional 4,730 shares during the last quarter. Finally, Norden Group LLC bought a new stake in shares of Marvell Technology in the 1st quarter valued at about $2,374,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on MRVL. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Benchmark boosted their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley upped their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Friday, October 18th. Finally, Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 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 given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

Marvell Technology stock opened at $84.87 on Wednesday. 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 $75.21 billion, a P/E ratio of -76.46, a PEG ratio of 3.55 and a beta of 1.45. The stock’s 50 day moving average is $74.22 and its 200 day moving average is $70.73. Marvell Technology, Inc. has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.18 EPS. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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 paid a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.28%. Marvell Technology’s dividend payout ratio is -21.62%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the 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 sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the 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 sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 261,000 shares of company stock worth $20,330,835. Insiders own 0.33% of the company’s stock.

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.