Ithaka Group LLC Reduces Position in Marvell Technology, Inc. (NASDAQ:MRVL)

Ithaka Group LLC lessened its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL) by 1.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 105,198 shares of the semiconductor company’s stock after selling 2,031 shares during the quarter. Marvell Technology comprises 1.4% of Ithaka Group LLC’s investment portfolio, making the stock its 24th biggest holding. Ithaka Group LLC’s holdings in Marvell Technology were worth $7,587,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in MRVL. Quarry LP purchased a new position in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Whittier Trust Co. lifted its holdings in shares of Marvell Technology by 74.5% in the 3rd 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 period. Briaud Financial Planning Inc acquired a new stake in shares of Marvell Technology in the 3rd quarter valued at approximately $43,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after buying an additional 336 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on MRVL shares. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Bank of America raised their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Morgan Stanley lifted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Finally, Benchmark lifted their price objective on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $92.94 on Friday. Marvell Technology, Inc. has a 1-year low of $50.35 and a 1-year high of $95.09. The business has a 50-day moving average of $79.94 and a 200-day moving average of $73.22. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market capitalization of $82.36 billion, a price-to-earnings ratio of -83.73, a PEG ratio of 3.88 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 the consensus estimate of $1.25 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -21.62%.

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.