Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Patton Albertson Miller Group LLC

Patton Albertson Miller Group LLC lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,380 shares of the semiconductor company’s stock after selling 150 shares during the quarter. Patton Albertson Miller Group LLC’s holdings in Marvell Technology were worth $532,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the stock. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter valued at approximately $32,000. Quarry LP acquired a new stake in Marvell Technology during the 2nd quarter valued at approximately $32,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Briaud Financial Planning Inc acquired a new stake in Marvell Technology during the 3rd quarter valued at approximately $43,000. Finally, Exchange Traded Concepts LLC grew its stake in Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after purchasing an additional 336 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities increased their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $93.43.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. The trade was a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares in the company, valued at $1,593,250.02. This represents a 10.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 in the last three months. 0.33% of the stock is currently owned by insiders.

Marvell Technology Trading Up 1.0 %

Shares of Marvell Technology stock opened at $93.14 on Wednesday. The business’s fifty day moving average price is $81.05 and its two-hundred day moving average price is $73.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.55.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly 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. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm earned $0.18 EPS. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, equities research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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