Sumitomo Mitsui Trust Group Inc. Boosts Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,047,572 shares of the semiconductor company's stock after acquiring an additional 25,806 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.23% of Marvell Technology worth $147,671,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MRVL. Crumly & Associates Inc. increased its holdings in 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 purchasing an additional 121 shares during the period. United Capital Management of KS Inc. increased its stake in shares of 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 buying an additional 131 shares during the period. Tlwm raised its holdings in 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 acquiring an additional 136 shares in the last quarter. ASB Consultores LLC lifted its stake in Marvell Technology by 3.8% in the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company's stock worth $276,000 after acquiring an additional 140 shares during the last quarter. Finally, Bridges Investment Management Inc. grew its holdings in Marvell Technology by 4.1% during the 3rd quarter. Bridges Investment Management Inc. now owns 3,806 shares of the semiconductor company's stock worth $274,000 after acquiring an additional 151 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent analyst reports. Evercore ISI lifted their price objective 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. Barclays boosted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Piper Sandler reaffirmed an "overweight" rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, StockNews.com cut Marvell Technology from a "hold" rating to a "sell" rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and a consensus price target of $91.77.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the company's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. This 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 can be accessed through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction dated Thursday, August 15th. The stock was 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 of the company's stock, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm's stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. 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 company insiders.

Marvell Technology Price Performance

MRVL traded down $2.71 on Wednesday, hitting $90.07. The company's stock had a trading volume of 9,162,477 shares, compared to its average volume of 12,169,737. Marvell Technology, Inc. has a 12 month low of $50.35 and a 12 month 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. The company's 50 day simple moving average is $77.65 and its 200-day simple moving average is $72.31.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts' expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm's revenue was down 5.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.18 EPS. Equities research analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology's dividend payout ratio is currently -21.62%.

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.