Prime Capital Investment Advisors LLC Sells 253 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Prime Capital Investment Advisors LLC cut its holdings in Marvell Technology, Inc. (NASDAQ:MRVL) by 2.2% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,391 shares of the semiconductor company’s stock after selling 253 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Marvell Technology were worth $822,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Davidson Kempner Capital Management LP grew its holdings in Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares during the period. Diversified Trust Co bought a new position in shares of Marvell Technology in the second quarter valued at approximately $932,000. Orion Portfolio Solutions LLC boosted its holdings in Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 10,306 shares during the last quarter. WD Rutherford LLC grew its position in 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 purchasing an additional 11,801 shares in the last quarter. Finally, Silicon Valley Capital Partners raised its stake in shares of Marvell Technology by 254.6% during the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock worth $2,378,000 after purchasing an additional 23,678 shares during the period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 3.2 %

Shares of NASDAQ:MRVL opened at $87.83 on Friday. Marvell Technology, Inc. has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The firm’s 50 day moving average price is $78.89 and its 200 day moving average price is $72.69. 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 stock has a market cap of $77.83 billion, a price-to-earnings ratio of -79.13, a price-to-earnings-growth ratio of 3.91 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the firm posted $0.18 earnings per share. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities 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 announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were 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 approximately $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 259,500 shares of company stock valued at $20,230,710 over the last quarter. Insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Benchmark increased their target price on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One equities research 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price 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.