Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Prospera Financial Services Inc

Prospera Financial Services Inc trimmed its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 3.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,325 shares of the semiconductor company’s stock after selling 255 shares during the period. Prospera Financial Services Inc’s holdings in Marvell Technology were worth $528,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of MRVL. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter valued at approximately $32,000. Quarry LP acquired a new stake in Marvell Technology during the 2nd quarter valued at approximately $32,000. Whittier Trust Co. lifted its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the period. Exchange Traded Concepts LLC lifted its stake in Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares during the period. Finally, Unique Wealth Strategies LLC acquired a new stake in Marvell Technology during the 2nd quarter valued at approximately $45,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at approximately $8,255,194.11. The trade was a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Marvell Technology Price Performance

Marvell Technology stock opened at $92.51 on Friday. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The firm has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a PEG ratio of 4.04 and a beta of 1.44. The company has a fifty day simple moving average of $80.67 and a 200-day simple moving average of $73.51. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Bank of America lifted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.77.

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.