Gulf International Bank UK Ltd Lowers Stock Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Gulf International Bank UK Ltd cut its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 4.5% during the 3rd quarter, Holdings Channel reports. The firm owned 68,035 shares of the semiconductor company’s stock after selling 3,219 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Marvell Technology were worth $4,906,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in shares of Marvell Technology by 85.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 77,850 shares of the semiconductor company’s stock worth $5,518,000 after buying an additional 35,760 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Marvell Technology by 33.0% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 41,031 shares of the semiconductor company’s stock worth $2,908,000 after acquiring an additional 10,172 shares during the period. GSA Capital Partners LLP bought a new position in Marvell Technology in the 1st quarter valued at $866,000. Rehmann Capital Advisory Group purchased a new stake in shares of Marvell Technology during the 1st quarter valued at $239,000. Finally, Csenge Advisory Group bought a new stake in shares of Marvell Technology during the 1st quarter worth $224,000. 83.51% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Piper Sandler reissued an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America upped their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Trading Up 3.3 %

Shares of MRVL opened at $87.19 on Wednesday. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $87.99. The firm has a market cap of $77.27 billion, a price-to-earnings ratio of -78.55, a PEG ratio of 3.68 and a beta of 1.44. The firm has a 50 day moving average price of $75.60 and a 200-day moving average price of $71.36. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during 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 business’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 earnings per share. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

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.