United Asset Strategies Inc. Acquires 7,504 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

United Asset Strategies Inc. raised its stake in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 205,341 shares of the semiconductor company's stock after buying an additional 7,504 shares during the quarter. Marvell Technology comprises 1.4% of United Asset Strategies Inc.'s portfolio, making the stock its 19th biggest position. United Asset Strategies Inc.'s holdings in Marvell Technology were worth $14,809,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Lazard Asset Management LLC lifted its holdings in shares of Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company's stock valued at $283,643,000 after purchasing an additional 3,993,414 shares in the last quarter. Whale Rock Capital Management LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at about $181,559,000. Ameriprise Financial Inc. lifted its holdings in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Swedbank AB lifted its holdings in shares of Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company's stock valued at $163,148,000 after purchasing an additional 2,024,269 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Marvell Technology by 13.4% during the 1st quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company's stock valued at $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Marvell Technology stock traded down $2.69 during mid-day trading on Thursday, hitting $80.11. 11,240,435 shares of the company's stock traded hands, compared to its average volume of 12,208,295. The firm has a 50 day simple moving average of $74.45 and a two-hundred day simple moving average of $70.81. Marvell Technology, Inc. has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a market cap of $70.99 billion, a price-to-earnings ratio of -72.01, a P/E/G ratio of 3.55 and a beta of 1.45. 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 (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm earned $0.18 earnings per share. The company's revenue was down 5.1% on a year-over-year basis. On average, research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology's dividend payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company's stock, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction 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 transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,000 shares of company stock valued at $20,330,835. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. The Goldman Sachs Group boosted their target price on Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a research note on Friday, August 30th. StockNews.com cut Marvell Technology from a "hold" rating to a "sell" rating in a research note on Friday, October 18th. KeyCorp boosted their target price on Marvell Technology from $90.00 to $95.00 and gave the company an "overweight" rating in a research note on Tuesday, July 9th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Finally, Piper Sandler restated an "overweight" rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $91.62.

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.