Avitas Wealth Management LLC trimmed its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL – Free Report) by 6.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,645 shares of the semiconductor company’s stock after selling 496 shares during the period. Avitas Wealth Management LLC’s holdings in Marvell Technology were worth $479,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Deltec Asset Management LLC raised its stake in shares of Marvell Technology by 3.0% during the third quarter. Deltec Asset Management LLC now owns 122,205 shares of the semiconductor company’s stock valued at $8,813,000 after acquiring an additional 3,524 shares during the last quarter. Fidelis Capital Partners LLC bought a new position in shares of Marvell Technology during the third quarter valued at about $273,000. MONECO Advisors LLC bought a new position in Marvell Technology in the third quarter worth about $285,000. abrdn plc raised its stake in Marvell Technology by 1.3% in the third quarter. abrdn plc now owns 1,530,125 shares of the semiconductor company’s stock worth $109,037,000 after buying an additional 19,794 shares in the last quarter. Finally, Pallas Capital Advisors LLC raised its stake in Marvell Technology by 4.2% in the third quarter. Pallas Capital Advisors LLC now owns 53,524 shares of the semiconductor company’s stock worth $3,860,000 after buying an additional 2,145 shares in the last quarter. 83.51% of the stock is owned by institutional investors.
Marvell Technology Trading Down 2.4 %
NASDAQ:MRVL opened at $82.80 on Thursday. 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’s 50 day moving average price is $74.22 and its 200-day moving average price is $70.73. The stock has a market cap of $73.38 billion, a price-to-earnings ratio of -74.59, a PEG ratio of 3.55 and a beta of 1.45.
Marvell Technology Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.
Insider Buying and Selling
In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was 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 owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 261,000 shares of company stock worth $20,330,835. 0.33% of the stock is owned by insiders.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on MRVL shares. Citigroup reissued a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Benchmark increased their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $91.62.
View Our Latest Stock Report on MRVL
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.
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