Empowered Funds LLC Sells 13,064 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Empowered Funds LLC lessened its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 24.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 41,100 shares of the semiconductor company's stock after selling 13,064 shares during the period. Empowered Funds LLC's holdings in Marvell Technology were worth $2,964,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Edgestream Partners L.P. bought a new position in Marvell Technology in the 1st quarter worth approximately $394,000. Covestor Ltd raised its stake in Marvell Technology by 231.1% during the 1st quarter. Covestor Ltd now owns 1,311 shares of the semiconductor company's stock valued at $93,000 after purchasing an additional 915 shares during the last quarter. O Shaughnessy Asset Management LLC raised its stake in Marvell Technology by 22.3% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 26,743 shares of the semiconductor company's stock valued at $1,896,000 after purchasing an additional 4,882 shares during the last quarter. UniSuper Management Pty Ltd boosted its holdings in Marvell Technology by 93.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 12,200 shares of the semiconductor company's stock valued at $865,000 after purchasing an additional 5,900 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of Marvell Technology by 13.4% during the 1st quarter. National Bank of Canada FI now owns 886,189 shares of the semiconductor company's stock worth $60,677,000 after purchasing an additional 104,679 shares during the period. Institutional investors own 83.51% of the company's stock.

Marvell Technology Price Performance

Shares of MRVL traded up $0.63 during mid-day trading on Tuesday, hitting $89.34. 6,781,901 shares of the company traded hands, compared to its average volume of 12,092,993. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $79.17 billion, a price-to-earnings ratio of -80.49, a PEG ratio of 3.82 and a beta of 1.44. The business has a 50-day moving average of $79.64 and a 200 day moving average of $73.10. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts' consensus estimates of $0.30. The firm had revenue of $1.27 billion for 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%. The business's quarterly revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company earned $0.18 EPS. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology's payout ratio is -21.62%.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. The trade was a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MRVL shares. Piper Sandler reissued an "overweight" rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Citigroup reiterated a "buy" rating and set a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Cantor Fitzgerald restated an "overweight" rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Stifel Nicolaus reiterated a "buy" rating and set a $95.00 target price (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.77.

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.