Ithaka Group LLC Cuts Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

Ithaka Group LLC reduced its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,198 shares of the semiconductor company’s stock after selling 2,031 shares during the quarter. Marvell Technology comprises approximately 1.4% of Ithaka Group LLC’s holdings, making the stock its 24th largest position. Ithaka Group LLC’s holdings in Marvell Technology were worth $7,587,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of MRVL. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the second quarter worth $32,000. Quarry LP bought a new stake in shares of Marvell Technology in the second quarter valued at about $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares in the last quarter. Briaud Financial Planning Inc bought a new stake in shares of Marvell Technology in the third quarter valued at about $43,000. Finally, Exchange Traded Concepts LLC grew its stake 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 purchasing an additional 336 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Rosenblatt Securities lifted their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research note on Monday, October 14th. Roth Mkm reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $91.77.

Marvell Technology Price Performance

MRVL opened at $92.94 on Friday. The stock’s 50-day moving average price is $79.94 and its 200 day moving average price is $73.22. Marvell Technology, Inc. has a 12-month low of $50.35 and a 12-month high of $95.09. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm has a market cap of $82.36 billion, a price-to-earnings ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44.

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, hitting 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the company earned $0.18 EPS. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis 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%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Marvell Technology 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.