Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Baldwin Investment Management LLC

Baldwin Investment Management LLC trimmed its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 29.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 11,035 shares of the semiconductor company’s stock after selling 4,560 shares during the period. Baldwin Investment Management LLC’s holdings in Marvell Technology were worth $796,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Swedbank AB raised its position in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares during the period. Van ECK Associates Corp lifted its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. D1 Capital Partners L.P. purchased a new position in shares of Marvell Technology during the second quarter worth $108,204,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Marvell Technology by 934.2% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,512,839 shares of the semiconductor company’s stock valued at $105,747,000 after buying an additional 1,366,553 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays boosted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Benchmark upped their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America raised their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. Finally, Loop Capital started coverage on Marvell Technology in a research note on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $93.43.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Marvell Technology Stock Performance

MRVL stock opened at $93.14 on Wednesday. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.55. 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’s 50-day moving average price is $81.05 and its 200 day moving average price is $73.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. On average, equities analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given 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 dividend payout ratio is currently -21.62%.

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.