Trueblood Wealth Management LLC Sells 276 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Trueblood Wealth Management LLC decreased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 5.6% during the third quarter, according to its most recent filing with the SEC. The firm owned 4,668 shares of the semiconductor company’s stock after selling 276 shares during the period. Trueblood Wealth Management LLC’s holdings in Marvell Technology were worth $337,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MRVL. Salomon & Ludwin LLC bought a new position in Marvell Technology in the first quarter worth $31,000. Quarry LP bought a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Whittier Trust Co. lifted 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 valued at $35,000 after acquiring an additional 210 shares during the period. Finally, Mark Sheptoff Financial Planning LLC bought a new stake in Marvell Technology during the first quarter worth about $35,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Down 0.4 %

NASDAQ:MRVL opened at $81.61 on Friday. Marvell Technology, Inc. has a one year low of $46.07 and a one year high of $85.76. The business has a fifty day moving average price of $73.67 and a 200-day moving average price of $70.57. The firm has a market capitalization of $72.32 billion, a price-to-earnings ratio of -73.52, a price-to-earnings-growth ratio of 3.62 and a beta of 1.45. 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 issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business posted $0.18 earnings per share. The business’s quarterly revenue was down 5.1% on a year-over-year basis. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. Marvell Technology’s payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 261,000 shares of company stock valued at $20,330,835 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley increased their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

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.