Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Princeton Capital Management LLC

Princeton Capital Management LLC lessened its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 18,857 shares of the semiconductor company’s stock after selling 306 shares during the quarter. Princeton Capital Management LLC’s holdings in Marvell Technology were worth $1,360,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter valued at about $32,000. Quarry LP purchased a new stake in shares of Marvell Technology during the 2nd quarter worth about $32,000. Whittier Trust Co. increased its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares in the last quarter. Exchange Traded Concepts LLC raised its holdings in Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the period. Finally, Unique Wealth Strategies LLC acquired a new position in Marvell Technology during the second quarter valued at approximately $45,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Matthew J. Murphy sold 6,000 shares of the 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 sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at $15,311,380.35. This trade represents a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 over the last quarter. 0.33% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $91.77.

Marvell Technology Trading Up 1.0 %

NASDAQ:MRVL opened at $88.71 on Tuesday. The business’s 50 day moving average is $79.28 and its two-hundred day moving average is $72.96. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’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. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -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.