Oppenheimer Asset Management Inc. Sells 9,095 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Oppenheimer Asset Management Inc. lowered its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 9.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 88,425 shares of the semiconductor company's stock after selling 9,095 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Marvell Technology were worth $6,377,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Crumly & Associates Inc. boosted its holdings in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company's stock worth $593,000 after buying an additional 121 shares during the period. United Capital Management of KS Inc. boosted its holdings in Marvell Technology by 0.4% during the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company's stock worth $2,470,000 after purchasing an additional 131 shares during the last quarter. Tlwm raised its position in shares of Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company's stock valued at $601,000 after purchasing an additional 136 shares during the period. ASB Consultores LLC grew its stake in shares of Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company's stock valued at $276,000 after acquiring an additional 140 shares in the last quarter. Finally, Bridges Investment Management Inc. boosted its stake in shares of Marvell Technology by 4.1% in the 3rd quarter. Bridges Investment Management Inc. now owns 3,806 shares of the semiconductor company's stock valued at $274,000 after purchasing an additional 151 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

Analyst Ratings Changes

MRVL has been the subject of several research reports. Evercore ISI lifted their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a research report on Friday, August 30th. Rosenblatt Securities increased their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a "buy" rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a "buy" rating in a report on Friday, August 30th. Roth Mkm reaffirmed a "buy" rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Loop Capital initiated coverage on Marvell Technology in a research report on Monday. They issued a "hold" rating and a $95.00 target price on the stock. One analyst has rated the stock with a sell rating, two have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average price target of $91.77.

Marvell Technology Price Performance

Shares of MRVL stock traded down $2.43 during trading hours on Friday, reaching $88.27. The stock had a trading volume of 4,346,394 shares, compared to its average volume of 12,114,062. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month high of $95.09. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The stock's fifty day simple moving average is $78.45 and its 200 day simple moving average is $72.56.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.18 EPS. 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 announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology's payout ratio is -21.62%.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company's stock, valued at $1,593,250.02. This represents a 10.00 % decrease in their position. 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 firm's 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 completion of the sale, the insider now directly owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 259,500 shares of company stock valued at $20,230,710. 0.33% of the stock is owned by insiders.

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.