Thrivent Financial for Lutherans Sells 59,940 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Thrivent Financial for Lutherans reduced its stake in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 19.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 247,285 shares of the semiconductor company's stock after selling 59,940 shares during the period. Thrivent Financial for Lutherans' holdings in Marvell Technology were worth $17,834,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP bought a new position in Marvell Technology during the 2nd quarter valued at approximately $32,000. Whittier Trust Co. raised its stake in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock valued at $35,000 after buying an additional 210 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 336 shares during the last quarter. Finally, Unique Wealth Strategies LLC bought a new stake in shares of Marvell Technology in the second quarter worth approximately $45,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the firm's stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now directly owns 22,494 shares of the company's stock, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred 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 directly owns 694,487 shares in the company, 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. Insiders have sold 267,000 shares of company stock worth $20,899,260 over the last quarter. Insiders own 0.33% of the company's stock.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded up $1.02 on Thursday, reaching $90.88. The company's stock had a trading volume of 985,608 shares, compared to its average volume of 12,019,259. The company has a 50-day simple moving average of $79.94 and a 200 day simple moving average of $73.22. Marvell Technology, Inc. has a 52-week low of $50.35 and a 52-week high of $95.09. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

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, hitting the consensus estimate 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 analyst estimates of $1.25 billion. During the same quarter last year, the business posted $0.18 earnings per share. The firm's revenue was down 5.1% on a year-over-year basis. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology's payout ratio is -21.62%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MRVL shares. Barclays raised their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 30th. Citigroup reaffirmed a "buy" rating and issued a $91.00 price objective on shares of Marvell Technology in a report on Monday, October 14th. Loop Capital assumed coverage on Marvell Technology in a report on Monday, November 11th. They issued a "hold" rating and a $95.00 target price on the stock. Piper Sandler restated an "overweight" rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, StockNews.com cut shares of Marvell Technology from a "hold" rating to a "sell" rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $91.77.

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.