Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Balboa Wealth Partners

Balboa Wealth Partners cut its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,862 shares of the semiconductor company’s stock after selling 369 shares during the quarter. Balboa Wealth Partners’ holdings in Marvell Technology were worth $423,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Quarry LP acquired a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Whittier Trust Co. grew its stake in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of Marvell Technology during the 1st quarter worth about $35,000. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Marvell Technology by 125.4% during the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Trading Down 3.2 %

NASDAQ MRVL opened at $87.83 on Friday. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month 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. The company has a market capitalization of $77.83 billion, a price-to-earnings ratio of -79.13, a price-to-earnings-growth ratio of 3.91 and a beta of 1.44. The company’s fifty day moving average price is $78.89 and its two-hundred day moving average price is $72.69.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 EPS. As a group, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

Insiders Place Their Bets

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value 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 trade represents a 17.76 % 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, Director Ford Tamer sold 92,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 259,500 shares of company stock valued at $20,230,710. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

MRVL has been the topic of several recent analyst reports. Evercore ISI upped their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America upped their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.77.

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.