Oppenheimer & Co. Inc. Sells 22,412 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Oppenheimer & Co. Inc. cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 7.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 270,895 shares of the semiconductor company’s stock after selling 22,412 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Marvell Technology were worth $19,537,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Marvell Technology in the 1st quarter worth approximately $35,000. Whittier Trust Co. lifted its holdings in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 336 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on MRVL shares. Evercore ISI boosted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Barclays lifted their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Down 0.8 %

Marvell Technology stock traded down $0.76 during mid-day trading on Wednesday, reaching $92.02. The stock had a trading volume of 853,616 shares, compared to its average volume of 12,130,818. The company has a market capitalization of $81.55 billion, a price-to-earnings ratio of -83.59, a PEG ratio of 4.01 and a beta of 1.44. The company has a 50-day moving average price of $77.65 and a two-hundred day moving average price of $72.31. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. 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 posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. On average, analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

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.