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Linscomb Wealth Inc. Takes $2.06 Million Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Marvell Technology logo with Business Services background

Linscomb Wealth Inc. purchased a new position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,506 shares of the semiconductor company's stock, valued at approximately $2,056,000.

Several other hedge funds and other institutional investors have also made changes to their positions in MRVL. Quarry LP purchased a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the second quarter valued at approximately $32,000. Whittier Trust Co. lifted its stake in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Mark Sheptoff Financial Planning LLC acquired a new position in Marvell Technology during the 1st quarter worth approximately $35,000. Finally, Exchange Traded Concepts LLC increased its position in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 336 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of MRVL stock traded down $2.87 during mid-day trading on Friday, hitting $87.83. The stock had a trading volume of 10,001,282 shares, compared to its average volume of 12,139,501. The firm has a market cap of $77.83 billion, a PE ratio of -79.13, a PEG ratio of 3.91 and a beta of 1.44. The company's 50-day simple moving average is $78.89 and its 200-day simple moving average is $72.74. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. 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 announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The company 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 firm's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.18 EPS. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred on 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 owns 109,244 shares in the company, valued at $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology 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 directly owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,500 shares of company stock valued at $20,230,710 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup reaffirmed a "buy" rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Monday, October 14th. StockNews.com cut Marvell Technology from a "hold" rating to a "sell" rating in a research report on Friday, October 18th. Loop Capital started coverage on Marvell Technology in a research report on Monday, November 11th. They set a "hold" rating and a $95.00 target price on the stock. Barclays increased their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 30th. Finally, Stifel Nicolaus restated a "buy" rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $91.77.

Read Our Latest Stock Analysis on MRVL

Marvell Technology Company Profile

(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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Institutional Ownership by Quarter for Marvell Technology (NASDAQ:MRVL)

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