Jackson Square Capital LLC cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 91.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 3,808 shares of the semiconductor company's stock after selling 41,679 shares during the period. Jackson Square Capital LLC's holdings in Marvell Technology were worth $275,000 as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of the business. Graypoint LLC boosted its stake in Marvell Technology by 7.1% in the third quarter. Graypoint LLC now owns 3,124 shares of the semiconductor company's stock valued at $225,000 after acquiring an additional 206 shares during the period. Concurrent Investment Advisors LLC boosted its position in Marvell Technology by 16.6% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 4,888 shares of the semiconductor company's stock valued at $353,000 after purchasing an additional 696 shares during the period. ASB Consultores LLC grew its stake in Marvell Technology by 3.8% during the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company's stock worth $276,000 after buying an additional 140 shares during the last quarter. Impax Asset Management Group plc grew its stake in Marvell Technology by 7.6% during the 3rd quarter. Impax Asset Management Group plc now owns 574,996 shares of the semiconductor company's stock worth $41,469,000 after buying an additional 40,796 shares during the last quarter. Finally, Hazlett Burt & Watson Inc. increased its position in Marvell Technology by 63.9% in the third quarter. Hazlett Burt & Watson Inc. now owns 2,761 shares of the semiconductor company's stock worth $201,000 after buying an additional 1,076 shares during the period. Institutional investors own 83.51% of the company's stock.
Marvell Technology Price Performance
Marvell Technology stock traded up $3.31 during mid-day trading on Thursday, hitting $93.94. The company's stock had a trading volume of 10,852,746 shares, compared to its average volume of 12,225,292. The stock has a market capitalization of $83.25 billion, a P/E ratio of -84.63, a P/E/G ratio of 3.67 and a beta of 1.44. Marvell Technology, Inc. has a twelve month low of $50.35 and a twelve month high of $94.07. The stock's fifty day moving average price is $76.53 and its two-hundred day moving average price is $71.65. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.
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, hitting analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.25 billion. During the same period in the previous year, the firm posted $0.18 EPS. The company's quarterly revenue was down 5.1% on a year-over-year basis. Research analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology's dividend payout ratio (DPR) is currently -21.62%.
Insider Transactions at Marvell Technology
In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares of the company's stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares of the company's stock, valued at $8,823,637.88. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 261,000 shares of company stock valued at $20,330,835 over the last ninety days. Corporate insiders own 0.33% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have recently commented on MRVL. Morgan Stanley upped their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an "equal weight" rating in a research report on Friday, August 30th. Evercore ISI upped their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an "outperform" rating in a research report on Friday, August 30th. The Goldman Sachs Group lifted their price target on Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a "strong-buy" rating in a report on Monday, September 16th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $91.62.
Get Our Latest Stock Analysis on Marvell Technology
About Marvell Technology
(
Free Report)
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.
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