Independent Advisor Alliance Sells 6,821 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Independent Advisor Alliance lessened its holdings in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 29.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 16,198 shares of the semiconductor company’s stock after selling 6,821 shares during the period. Independent Advisor Alliance’s holdings in Marvell Technology were worth $1,168,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Citizens Financial Group Inc. RI increased its stake in shares of Marvell Technology by 1.5% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. increased its stake in shares of Marvell Technology by 1.5% in the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after buying an additional 121 shares during the period. United Capital Management of KS Inc. raised its holdings in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock worth $2,470,000 after purchasing an additional 131 shares during the last quarter. Tlwm grew its holdings in Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after acquiring an additional 136 shares during the period. Finally, ASB Consultores LLC increased its holdings in Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

NASDAQ MRVL opened at $93.14 on Wednesday. The company has a market cap of $82.54 billion, a PE ratio of -83.91, a P/E/G ratio of 4.02 and a beta of 1.44. The firm’s 50 day moving average price is $81.05 and its 200-day moving average price is $73.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.55.

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, meeting analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the business earned $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. Marvell Technology’s payout ratio is -21.62%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MRVL shares. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Bank of America boosted their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $93.43.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 17.76 % 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, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated 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 directly owns 109,244 shares in the company, valued at $8,823,637.88. This represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

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.