Hartline Investment Corp Buys 9,275 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Hartline Investment Corp boosted its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 2.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 385,412 shares of the semiconductor company's stock after acquiring an additional 9,275 shares during the quarter. Marvell Technology accounts for about 3.5% of Hartline Investment Corp's investment portfolio, making the stock its 8th biggest position. Hartline Investment Corp's holdings in Marvell Technology were worth $27,796,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Atomi Financial Group Inc. grew its holdings in shares of Marvell Technology by 8.1% in the 1st quarter. Atomi Financial Group Inc. now owns 4,380 shares of the semiconductor company's stock worth $310,000 after purchasing an additional 328 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of Marvell Technology in the first quarter valued at approximately $308,000. Headlands Technologies LLC acquired a new position in shares of Marvell Technology in the 1st quarter worth approximately $237,000. QRG Capital Management Inc. grew its position in Marvell Technology by 13.2% during the 1st quarter. QRG Capital Management Inc. now owns 28,837 shares of the semiconductor company's stock worth $2,044,000 after acquiring an additional 3,368 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in Marvell Technology by 75.2% during the 1st quarter. Russell Investments Group Ltd. now owns 238,030 shares of the semiconductor company's stock valued at $16,982,000 after purchasing an additional 102,185 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company's stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction 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 transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company's stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $2.71 during trading on Wednesday, hitting $90.07. 9,162,477 shares of the company were exchanged, compared to its average volume of 12,169,737. 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 firm has a fifty day moving average price of $77.65 and a two-hundred day moving average price of $72.31. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) 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 company had revenue of $1.27 billion for the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the prior year, the firm earned $0.18 EPS. Marvell Technology's quarterly revenue was down 5.1% compared to the same quarter last year. On average, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

Wall Street Analyst Weigh In

Several brokerages have recently commented on MRVL. Stifel Nicolaus restated a "buy" rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Barclays raised their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a "strong-buy" rating in a research note on Monday, September 16th. Benchmark increased their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a "buy" rating in a research report on Friday, August 30th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.77.

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.