Marvell Technology, Inc. (NASDAQ:MRVL) Position Trimmed by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. trimmed its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 9.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 88,425 shares of the semiconductor company’s stock after selling 9,095 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Marvell Technology were worth $6,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in the stock. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology in the second quarter valued at about $32,000. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Mark Sheptoff Financial Planning LLC acquired a new position in Marvell Technology in the first quarter worth approximately $35,000. Whittier Trust Co. raised its position in Marvell Technology by 74.5% during 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. Finally, Exchange Traded Concepts LLC lifted 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 acquiring an additional 336 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MRVL has been the topic of several analyst reports. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Friday, October 18th. Evercore ISI raised their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note 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 note on Friday, August 30th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on 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 transaction, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,500 shares of company stock valued at $20,230,710 over the last quarter. 0.33% of the stock is owned by company insiders.

Marvell Technology Trading Up 0.7 %

Shares of MRVL opened at $90.70 on Friday. The stock’s 50-day moving average price is $78.45 and its 200 day moving average price is $72.56. 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 12-month low of $50.35 and a 12-month high of $95.09. The firm has a market capitalization of $80.38 billion, a price-to-earnings ratio of -81.71, a P/E/G ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 earnings per share. As a group, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio (DPR) is currently -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.