Oppenheimer & Co. Inc. lessened its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 7.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 270,895 shares of the semiconductor company's stock after selling 22,412 shares during the period. Oppenheimer & Co. Inc.'s holdings in Marvell Technology were worth $19,537,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in MRVL. Davidson Kempner Capital Management LP lifted its position in shares of Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock valued at $17,482,000 after purchasing an additional 52,365 shares in the last quarter. Diversified Trust Co purchased a new position in Marvell Technology during the 2nd quarter valued at about $932,000. Orion Portfolio Solutions LLC raised its position in shares of Marvell Technology by 47.1% in the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company's stock worth $2,282,000 after buying an additional 10,306 shares in the last quarter. WD Rutherford LLC increased its holdings in shares of Marvell Technology by 182.5% in the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company's stock worth $1,317,000 after buying an additional 11,801 shares during the last quarter. Finally, Silicon Valley Capital Partners boosted its stake in Marvell Technology by 254.6% in the third quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company's stock worth $2,378,000 after buying an additional 23,678 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Marvell Technology Stock Performance
MRVL stock traded down $2.71 during mid-day trading on Wednesday, reaching $90.07. 9,162,477 shares of the stock traded hands, compared to its average volume of 12,169,737. The business has a 50-day moving average of $77.65 and a two-hundred day moving average of $72.31. Marvell Technology, Inc. has a 52 week low of $50.35 and a 52 week high of $95.09. 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 announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 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 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 company earned $0.18 EPS. The company's quarterly revenue was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.
Marvell Technology Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. 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 dividend payout ratio is currently -21.62%.
Analyst Ratings Changes
A number of research firms recently commented on MRVL. Barclays upped their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 30th. Roth Mkm reaffirmed a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley boosted their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an "equal weight" rating in a research note on Friday, August 30th. Evercore ISI boosted their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Finally, Citigroup reiterated a "buy" rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Monday, October 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $91.77.
View Our Latest Stock Analysis on Marvell Technology
Insider Transactions at Marvell Technology
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 value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares of the company's stock, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, EVP Chris Koopmans sold 6,000 shares of the business'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 transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares of the company's stock, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock worth $20,330,835 in the last three months. Insiders own 0.33% of the company's stock.
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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