VitalStone Financial LLC Sells 235 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

VitalStone Financial LLC reduced its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 27.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 628 shares of the semiconductor company’s stock after selling 235 shares during the quarter. VitalStone Financial LLC’s holdings in Marvell Technology were worth $44,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after acquiring an additional 468,086 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP boosted its holdings in shares of Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after buying an additional 1,888,676 shares during the last quarter. Brown Advisory Inc. increased its holdings in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after buying an additional 3,036,495 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its stake in Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after acquiring an additional 1,591,874 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on MRVL shares. B. Riley upped their target price on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a report on Friday, May 31st. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI raised their price target on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Benchmark upped their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.62.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Daniel Durn acquired 1,425 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, with a total value of $100,049.25. Following the purchase, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders sold 65,500 shares of company stock worth $4,872,620 over the last three months. Insiders own 0.33% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $74.89 on Thursday. The business has a fifty day moving average price of $68.11 and a two-hundred day moving average price of $69.66. The stock has a market capitalization of $64.82 billion, a PE ratio of -66.27, a P/E/G ratio of 2.91 and a beta of 1.46. 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, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. 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. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s dividend payout ratio is currently -21.24%.

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.