Marvell Technology, Inc. (NASDAQ:MRVL) Shares Sold by Hardman Johnston Global Advisors LLC

Hardman Johnston Global Advisors LLC lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL) by 4.1% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 77,460 shares of the semiconductor company’s stock after selling 3,300 shares during the quarter. Hardman Johnston Global Advisors LLC’s holdings in Marvell Technology were worth $5,586,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MRVL. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the second quarter valued at about $32,000. Quarry LP acquired a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $35,000. Whittier Trust Co. grew its position in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC increased its holdings in shares of 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 purchasing an additional 336 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

Shares of MRVL opened at $87.19 on Wednesday. The company has a market capitalization of $77.27 billion, a price-to-earnings ratio of -78.55, a price-to-earnings-growth ratio of 3.68 and a beta of 1.44. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $87.99. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $75.60 and a 200 day moving average price of $71.36.

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, meeting the consensus estimate 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 the consensus estimate of $1.25 billion. During the same period in the prior year, the company earned $0.18 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. Research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.62%.

Analyst Ratings Changes

A number of brokerages have issued reports on MRVL. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company’s stock. According to 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, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is owned by company insiders.

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.