Allworth Financial LP lifted its stake in Marvell Technology, Inc. (NASDAQ:MRVL – Get Rating) by 10.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,787 shares of the semiconductor company’s stock after buying an additional 260 shares during the quarter. Allworth Financial LP’s holdings in Marvell Technology were worth $103,000 as of its most recent SEC filing.
A number of other large investors also recently bought and sold shares of the business. Guardian Wealth Advisors LLC purchased a new position in Marvell Technology in the third quarter worth approximately $26,000. MADDEN SECURITIES Corp purchased a new position in shares of Marvell Technology during the fourth quarter worth $27,000. Worth Asset Management LLC purchased a new position in shares of Marvell Technology during the first quarter worth $40,000. TimeScale Financial Inc. raised its stake in shares of Marvell Technology by 2,480.6% in the third quarter. TimeScale Financial Inc. now owns 800 shares of the semiconductor company’s stock valued at $34,000 after acquiring an additional 769 shares in the last quarter. Finally, AlphaCentric Advisors LLC acquired a new stake in shares of Marvell Technology in the third quarter valued at $35,000. Institutional investors and hedge funds own 81.28% of the company’s stock.
Insiders Place Their Bets
In related news, insider Muhammad Raghib Hussain sold 46,200 shares of the business’s stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $42.22, for a total value of $1,950,564.00. Following the sale, the insider now directly owns 757,342 shares in the company, valued at approximately $31,974,979.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 46,200 shares of Marvell Technology stock in a transaction dated Tuesday, January 31st. The stock was sold at an average price of $42.22, for a total transaction of $1,950,564.00. Following the completion of the transaction, the insider now owns 757,342 shares of the company’s stock, valued at approximately $31,974,979.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dan Christman sold 6,778 shares of Marvell Technology stock in a transaction dated Thursday, February 9th. The shares were sold at an average price of $46.05, for a total value of $312,126.90. Following the transaction, the executive vice president now directly owns 85,425 shares of the company’s stock, valued at approximately $3,933,821.25. The disclosure for this sale can be found here. Insiders have sold 68,978 shares of company stock valued at $2,881,891 in the last three months. 0.45% of the stock is currently owned by insiders.
Marvell Technology Stock Performance
NASDAQ MRVL opened at $41.21 on Tuesday. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average price is $42.99 and its two-hundred day moving average price is $41.86. Marvell Technology, Inc. has a 1 year low of $33.75 and a 1 year high of $76.59. The firm has a market capitalization of $35.31 billion, a P/E ratio of -216.89, a price-to-earnings-growth ratio of 13.48 and a beta of 1.47.
Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings data on Thursday, March 2nd. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). The firm had revenue of $1.42 billion for the quarter, compared to analyst estimates of $1.41 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.35 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 26th. Investors of record on Friday, April 7th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.58%. The ex-dividend date is Wednesday, April 5th. Marvell Technology’s payout ratio is currently -126.32%.
Analyst Ratings Changes
A number of research firms have weighed in on MRVL. Wells Fargo & Company cut their price target on Marvell Technology from $58.00 to $54.00 and set an “overweight” rating on the stock in a research note on Friday, December 2nd. Susquehanna reaffirmed a “positive” rating and issued a $50.00 price objective on shares of Marvell Technology in a report on Thursday, March 9th. Oppenheimer lowered their price objective on Marvell Technology from $80.00 to $70.00 in a report on Tuesday, January 10th. The Goldman Sachs Group lowered their price objective on Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. Finally, Citigroup decreased their price target on Marvell Technology from $65.00 to $58.00 in a research note on Friday, March 3rd. Three analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.54.
Marvell Technology Profile
Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.
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