ING Groep NV Reduces Stake in Marvell Technology, Inc. (NASDAQ:MRVL)

ING Groep NV lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 72.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,473 shares of the semiconductor company's stock after selling 157,123 shares during the period. ING Groep NV's holdings in Marvell Technology were worth $4,361,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Kingsview Wealth Management LLC bought a new stake in Marvell Technology during the first quarter worth $847,000. HBK Sorce Advisory LLC bought a new position in Marvell Technology in the first quarter valued at about $330,000. Orion Portfolio Solutions LLC grew its position in Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company's stock valued at $2,282,000 after acquiring an additional 10,306 shares during the last quarter. Nicolet Advisory Services LLC bought a new position in shares of Marvell Technology in the first quarter worth about $210,000. Finally, Intech Investment Management LLC lifted its holdings in shares of Marvell Technology by 2.0% in the first quarter. Intech Investment Management LLC now owns 78,009 shares of the semiconductor company's stock worth $5,529,000 after acquiring an additional 1,557 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Loop Capital began coverage on shares of Marvell Technology in a report on Monday, November 11th. They set a "hold" rating and a $95.00 price target on the stock. Roth Mkm reiterated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America raised their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a "buy" rating in a report on Friday, August 30th. Piper Sandler reiterated an "overweight" rating and issued a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a "buy" rating in a report on Friday, August 30th. One research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $91.77.

Marvell Technology Stock Down 3.2 %

MRVL traded down $2.87 during midday trading on Friday, reaching $87.83. 10,001,282 shares of the company were exchanged, compared to its average volume of 12,139,501. The company has a market cap of $77.83 billion, a price-to-earnings ratio of -79.13, a price-to-earnings-growth ratio of 3.91 and a beta of 1.44. Marvell Technology, Inc. has a one year low of $50.35 and a one year high of $95.09. The company's fifty day moving average price is $78.89 and its 200 day moving average price is $72.69. 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 (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company posted $0.18 earnings per share. The firm's revenue for the quarter was down 5.1% on a year-over-year basis. As a group, analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared 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. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology's dividend payout ratio (DPR) is currently -21.62%.

Insiders Place Their Bets

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the business's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. The trade was a 2.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares of the company's stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 259,500 shares of company stock valued at $20,230,710. Insiders own 0.33% of the company's stock.

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.