L & S Advisors Inc Sells 2,267 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

L & S Advisors Inc lessened its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 13.3% in the third quarter, Holdings Channel.com reports. The institutional investor owned 14,776 shares of the semiconductor company’s stock after selling 2,267 shares during the period. L & S Advisors Inc’s holdings in Marvell Technology were worth $1,066,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of MRVL. Edgestream Partners L.P. bought a new position in Marvell Technology during the first quarter worth $394,000. O Shaughnessy Asset Management LLC raised its stake in Marvell Technology by 22.3% during the first quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company’s stock worth $1,896,000 after buying an additional 4,882 shares during the last quarter. UniSuper Management Pty Ltd raised its stake in Marvell Technology by 93.7% during the first quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company’s stock worth $865,000 after buying an additional 5,900 shares during the last quarter. CreativeOne Wealth LLC bought a new position in Marvell Technology during the first quarter worth $393,000. Finally, Axxcess Wealth Management LLC acquired a new stake in Marvell Technology in the first quarter worth $204,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

MRVL stock opened at $92.94 on Friday. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. The stock has a market cap of $82.36 billion, a PE ratio of -83.73, a P/E/G ratio of 3.88 and a beta of 1.44. The firm has a 50 day simple moving average of $79.94 and a two-hundred day simple moving average of $73.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting 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 company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the company earned $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction 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 sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MRVL. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Benchmark lifted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

About Marvell Technology

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.